Published by:
Harvard Business Publishing
Length: 5 pages
Abstract
Old methods of decision making, such as incrementalism and 'rational' decision making don't meet the needs of a world with too much information and too little time. A new model allows one to make decisions with partial information and to adapt to new information as it becomes available. Adaptive or 'humble' decision making involves two sets of judgments: broad, basic choices about an organization's goals and policies; and small, experimental decisions based on in-depth examination of a focused subset of facts and choices. Managers can use humble decision making to increase the flexibility and adaptability of their decisions.
About
Abstract
Old methods of decision making, such as incrementalism and 'rational' decision making don't meet the needs of a world with too much information and too little time. A new model allows one to make decisions with partial information and to adapt to new information as it becomes available. Adaptive or 'humble' decision making involves two sets of judgments: broad, basic choices about an organization's goals and policies; and small, experimental decisions based on in-depth examination of a focused subset of facts and choices. Managers can use humble decision making to increase the flexibility and adaptability of their decisions.