Plank Management Making decisions

Boards make a lot of choices — and the number is merely getting greater. These are decisions with high-stakes, a lot of uncertainty and therefore are not the type of thing you are able to delegate.

Suzanne Nimocks: I do think it is very important with respect to the table to have a solid decision-making method that allows those to do the job they may be paid for you to do and help supervision teams generate good decisions. A good procedure will include items like challenging the assumptions, playing devil’s advocate and helping management come up with alternatives. It will also incorporate tips for avoiding groupthink (eg brainstorming, Six Pondering Hats, Disney Planning Approach etc).

This is certainly helped with the utilization of tools including RACI, and the board might have a formal process to decide which issues are appropriate for its source. It might also use the output from a board retreat or the work of committees that have been requested with specified decisions, to make sure that the decision is within the arranged risk desire for food and may be informed by all of the advice it includes received.

Leigh Weiss: I do think the key is to consider a step lower back from the certain decision you are facing and consider, on one hand, the scope of the potential impact (what’s at risk) and, however, the level of certainty about whether it will appear. This helps you prioritize the best places to spend time and be sure that the table is making a superior quality decision depending on the best details offered.

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