Decision Making in Complexity and Uncertainty… The Fundamentals
As the trend towards greater business complexity continues, so the drive to capture ever-more information to support decision processes and the development of best practice is intensifying. Today, there’s a dizzying amount of data at our disposal to inform decisions, and the computing power to crunch it, but this has created a false sense of security.
With ongoing volatility and uncertainty now being the norm, by the time data has been sufficiently refined and understood, the ‘best practice’ it defines will already have become past practice. Even the use of historical data to extrapolate for future projections is becoming increasingly risky. So, we have a new type of decision-making challenge: businesses must constantly renew their models if they are to remain competitive, but traditional planning methods won’t show the way forward.
This workshop addresses two fundamental aspects of how leaders must radically change their approach to their decision making to cater for this new environment. Firstly, it examines how the increasing complexity, ambiguity and volatility businesses face today can be handled effectively, and secondly, it describes how to steer a course between two common, yet highly contradictory and incomplete, sets of advice: that data-based, structured and rational processes are essential to effective decision making, and the opposing viewpoint which insists that well-developed intuition is the key. This will show that decision making today requires that we are able to balance these two mental capabilities, so that the strengths of each can be maximised.
This session will help participants to ensure that they can continue to make great decisions even as the complexity and ambiguity of their operating environment increases.
By the end of this workshop, participants will:
- Know why improving decision making is more of a cognitive than a process challenge.
- Recognise the implications of increasing complexity and pace of change.
- Understand how uncertainty impacts the brain and why this can make decision making difficult.
- Know how to make more consistent and appropriate decisions by balancing the rational and intuitive capabilities of their brain.
- Be introduced to the root cause of decision-making biases.
- Be able to recognise the times when strong leadership is required.
Updated January 2019.