196: Learning From World Class Decision Makers

We face a whole string of important decisions to be made, and with increasing frequency as the pace of change and the market developments. So it’s important to consider how we make decisions, how we avoid common challenges and what we can learn from the most expert decision-makers in the world. Join Oliver Banks and look outside the retail industry to learn what you can do to become a better decision-maker.

Listen to this podcast episode to discover:

• What are the most common decision-making challenges or blockers.
• What can you learn from expert decision-makers.
• Actionable tips to put into practice straight away.

 

Further reading about decision making

If you enjoyed the episode and want to find out more, learn more about decision-making in the below. This selection of articles were used to research this episode and some were directly referenced in the episode:

Firstly,from a retail angle:

And via CNBC: “Jeff Bezos is ‘obsessed’ with this decision-making style—‘it’s his key to success’.” So in this article, an ex Amazon employee explores Jeff Bezos’s decision making style.

Explore more about Amazon culture and Jeff Bezos’s attitudes and style in “Bezonomics.”

“Speed matters in business. Many decisions and actions are reversible and do not need extensive study. We value calculated risk taking.”
Amazon principle

And now, from a political angle:

President Barack Obama on Medium: “How I approach the toughest decisions.” So in this article, Obama explores some of the tough decisions he faced and what he did to make the best decision he could.

Learn more about Winston Churchill and his decision making approach in “Churchill on Leadership” by Steven Hayward.

“I never worry about action, but only about inaction”
Winston Churchill

Next, this is from the Institute of Government: “Margaret Thatcher – an effective Prime Minister.” In particular, it describes some of the traits that allowed her to tackle a variety of challenges and the decisions that were embedded in those challenges.

Looking at decision making from critical careers

Emergency decision making processes on Bio Med Central: “How to think like an emergency care provider“. This includes a mental model for decision making in emergency care. And it explores the differences between emergency and non emergency medical support.

An extract from the basic US Marine Corps Officer training: “Decision making.” In particular, this refers to the marine corp officers being decision makers, first and foremost. It also explores variables of decisions and the two types of decision thinking. 

“As Marine Corps Officers, we are primarily decision makers. Our weapon is the unit we command. We decide on a course of action and then clearly communicate that decision to our unit. Our Marines translate that decision into action”
US Marine Corp Officer training guide

And other research and further reading:

Next, on the McKinsey blog, an interview with Noise authors, Daniel Kahneman and Olivier Sibony: “Sounding the alarm on system noise.”

Furthermore, this is the full book of Noise, by Kahneman and Sibony. A worthy read which explores the concept of bias and many other decision making factors.

From the Harvard Business Review, management thinker Peter Drucker: “The effective decision.” And that’s a 1967 article, still fresh!

“An effective executive makes these decisions as a systematic process with clearly defined elements and in a distinct sequence of steps. Indeed, to be expected (by virtue of position or knowledge) to make decisions that have significant and positive impact on the entire organization, its performance, and its results characterizes the effective executive”
Peter Drucker

And finally, via the Atlassian blog: “5 decision-making models to try if you’re stuck.”

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 Additional podcast episodes to listen to

Firstly, if you’ve not already listened to the initial episode of decision making then check out episode 195: The Anatomy Of A Decision. In this one, Oliver shares a framework to help you understand the decision-making process.

Next, we recognise that decisions are full of emotion and stress. So check out episode 182: Overcoming Stress With Science and learn how you and your team can minimise stress to make better decisions.

And finally, if you enjoyed learning more outside the retail industry, then check out episode 121: Lessons From Criminal Forensic Investigations. Here, Oliver Banks takes a look at how police investigations are carried out to inspire you to think about your data investigations.