In what ways could an accelerated decision-making process harm a company? Which stage would be most in danger of being overlooked?
Business decision making is often conducted under serious pressures. The ability of a large organization to remain agile without taking undue risks is critical in an integrating world that is changing more quickly than most people prefer to admit. Competition is ruthless and nostalgia for the past has been unprofitable for quite some time. Against this background, competition often demands that decisions be made within unacceptable time frames. Business leaders can react intuitively, rationally, irrationally or they can simply avoid making a decision (which is a kind of decision in itself). An 'intuitive' reaction is a 'gut' reaction based on personal and/or organizational culture and experience. A rational decision is one which includes a cost-benefit analysis with a decision based on achieving the most benefit AND the least costs. An irrational decision is one that does not take cost-benefit ...
The ability of a large organization to remain agile in the markets it serves without taking undue risks is critical in a world which is integrating and changing more quickly than most people prefer to admit. Competition is ruthless and nostalgia for the past has been unprofitable for quite some time. Against this background, competitions often demands that business decisions be made within completely unacceptable time frames.
Regardless of which approach a business leader or decision maker utilizes, recognizing that in some cases, a decision will need to be made on the basis of a less than ideal amount of cost-benefit analyses, research, due diligence, and risk analysis, developing a structured accelerated decision making process in which the short cuts taken are identified in advance and the organization thus understands what exactly is put at risk by the use of an accelerated decision making process, can be helpful and beneficial.