Evaluate the advantages and disadvantages of procrastinating with regard to making a decision. Support your answer with examples of an actual business decision that was made too soon and another that was made too late.
Procrastination happens because "business owners and managers delay making important decisions out of pure fear" (Griffith, n.d.).
Procrastination, however, has its advantages.
Partnoy (2012) in his book entitled "The Useful Art of Procrastination" wrote:
"The art of knowing how long you can afford to delay before committing is at the heart of many a great decision, whether in a corporate takeover or a marriage proposal. Apologies are better received if they are not rushed; audiences listen more attentively if speakers pause first; people who can defer gratification are happier and more successful than those who must have everything now. Exploring decisions that must be made in a millisecond and those that take months and years, Partnoy demonstrates that the ability to wait is crucial to getting the right answer and that gut instincts are often wrong".
Kellaway (2012) quoted some of Partnoy's examples in support of procrastination:
a.) Jimmy Connors won 148 tennis titles partly because he waited infinitesimally longer before deciding where to station himself on the court to return his opponent's serve.
b.) That committing great ...
This solution shows that procrastination is not that undesirable at all - at least in making decisions. Among the people that benefit from procrastination are Jimmy Connors and Warren Buffet. Examples of entities that failed because of procrastination are Decca Records and Apple.