Selecting Safeguards: Tailoring the Decision Process to Guard against Bad Decisions

By: Sydney Finkelstein and Jo Whitehead and Andrew Campbell

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Synopsis: The best way to reduce the risk of making a flawed decision is to identify safeguards that will help you avoid the effects of distorted thinking. Safeguards might expand the experience or information available to the decision maker; they might ensure that the logic of the decision is challenged and debated; they might have the power to reject proposals; or, they might make it easier to change the decision if the early outcomes are unfavorable. But how much is enough? Too many safeguards can overburden your decisions with too much analysis, too many challenges, or too much governance. This chapter provides practical advice for identifying the right safeguards to counterbalance potential risks and for ensuring that you don't overdo it. This chapter was originally published as chapter 10 of "Think Again: Why Good Leaders Make Bad Decisions and How to Keep It From Happening to You."