Why it’s important to consider failure in decision making

first_imgIn times of crisis, we often look for the silver lining – the good that can come from challenging times. As we’ve adjusted our business models and strategies for the future amid the coronavirus pandemic, our focus has likely been on remaining successful and viable. But a key part of success – one that can easily be overlooked – is being prepared for failure.Harvard University Lecturer Dr. Vikram Mansharamani has a new post on Chief Executive where he recommends leaders focus on failure in their decision making. “Engaging a devil’s advocate may enable a more flexible and open-minded approach to problem-solving,” he writes.It can be easy for teams to fall into consensus decision making. While agreement is not inherently bad, it is up to leaders to ensure you have considered every viable option. Fully vetting a solution means not only looking at the good that can come from it, but also what could happen if it fails.To do this effectively, Mansharamani suggests conducting a “premortem analysis.” It’s essentially examining the cause of failure before it actually happens. Because when a product doesn’t sell or an event doesn’t garner as much interest as you thought it would, you walk backward to look at what went wrong. You and your team might feel defeated and lose some motivation. So why not do this before you launch a new product or service? ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img

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