Plank Management Making decisions

detsember 25, 2023 12:00 e.l. Published by

Boards decide to make a lot of choices — plus the number is merely getting larger. These are decisions with high-stakes, a lot of uncertainty and are also not the kind of thing you are able to delegate.

Suzanne Nimocks: I do believe it is very important for the purpose of the board to have a stable decision-making process that allows those to do the job they are paid to do and help supervision teams produce good decisions. A good procedure will include items like challenging the assumptions, playing devil’s advocate and helping management develop alternatives. It will likewise incorporate processes for avoiding groupthink (eg brainstorming, Six Thinking Hats, Disney Planning Approach etc).

This is certainly helped with the utilization of tools just like RACI, plus the board may have a formal method to decide which issues are appropriate for its insight. It might utilize the output from a board escape or the work of committees that have been requested with several decisions, to ensure that the decision is at the agreed risk urge for food and may be informed by all the advice it has received.

Leigh Weiss: I do think the key is to consider a step spine from the specific decision you are facing and consider, on one hand, the scope of the potential impact (what’s at risk) and, on the other hand, the level of certainty about if it will arise. This helps you prioritize where to spend time and be sure that the plank is making a superior quality decision depending on the best details available.

Categorised in:

This post was written by andrei