Premium Essay

Bad and Wrong Decisions

In: Business and Management

Submitted By jasonwarnham
Words 253
Pages 2
Is There a Difference Between Wrong Decisions and Bad Decisions?
Even the best leaders aren’t perfect decision-makers, it’s true that a wrong decision is different from a bad decision. A wrong decision is your best guess when you have no way of knowing. A bad decision is the wrong call with the facts staring you in the face. Bad decisions are unforced errors.
Why Do Good Managers Make Wrong/Bad Decisions?
Managers tend to rely on past experience that seems useful, but is actually sometimes dangerous. A second reason has to do with self-interest. Most people don't realize self-interest operates at a subconscious level. We're not even aware of how self-interested we are. Also we call prejudgments. Good Managers make prejudgments about their businesses that sometimes turn out to be wrong. The fourth reason one is what we call attachments - attachments to people or places or things. Another reason is some good managers lack clarity of purpose. A lot of managers also don’t see the opportunity that is in front of them. Also some managers don’t trust themselves in the decisions they are making.
How Can Managers Improve Their Decision-Making Skills?
Here is a list of ten ways of how a manager can improve:
1. Cost-Benefit Analysis
2. Narrow Your Options
3. Evaluate the Significance
4. Don’t Sweat the Small Stuff
5. Do Your Research
6. Get a Well-Informed Opinion
7. Practice Conflict Management
8. Plan Ahead
9. Take Charge
10. Don’t Dwell on

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