Making no decision is a decision
Sport, which depends on loads of variables verifies our decision-making skills, especially in crisis situations. If you do sports, which depends only on your preparation, the possibility of a crisis is lower. In a car racing, where you have to take into account a large number of variables such as the setup of the car, the temperature of the tires, adhesion, changing track conditions, other rivals who can damage your car, the occurrence of a crisis is much greater. The same works in business. In a small scale business, the possibility of a crisis is small. The larger the scale, the greater the likelihood that something will go wrong.
Personally, both professionally and privately I am a supporter of a military approach to decision-making. Sun Tzu leaves no doubt – Military experts do not make mistakes. If they decide to act, their impact is irresistible. I, therefore, say: “Know yourself and know your enemy, only then your victory will not be endangered. Know well the terrain and weather conditions, then your victory will be complete.” In order to make good decisions, you need to perform data analysis. But first, you have to have it. No data translates into speculation. This means a deficit of cognitive resources causing fear to arise. Fear makes you unable to make any decision. No making a decision is a decision not to make any decision.
Click MORE to read the whole article.