Today’s Myatt on Monday’s question comes from a CEO who asks: “what is the best way for me to synthesize the overwhelming amount of incoming information I receive while making the best decisions possible in a timely fashion?” While I have written often on the subject of decision making, today’s question is a bit more narrow in scope asking for advice surrounding the filtering of various inputs. In today’s post, I’ll address what I refer to as the hierarchy of knowledge which will provide an answer to today’s question…
Understanding that a hierarchy of knowledge exists is critically important when attempting to make prudent decisions. Put simply…not all inputs should weigh equally in one’s decisioning process. By developing a qualitative and quantitative filtering mechanism for your decisioning process you can make better decisions in a shorter period of time. The hierarchy of knowledge is as follows:
Even though people often treat theory as knowledge, and opinion as fact, they are not one and the same. Making executive decisions in today’s world has never been more complex, and when under extreme pressure I have seen many savvy executives blur the lines between fact and fiction resulting in an ill-advised decision. Decisions made at the data level can be made quickly, but offer a higher level of risk. Decisioning at the information level affords a higher degree of risk management, but are still not as safe as those decisions based upon actionable knowledge.
Another aspect that needs to be factored into the decisioning process is the source of the input. I believe it was Cyrus the Great who said “diversity in counsel, unity in command” meaning that good leaders seek the counsel of others, but maintain command control over the final decision. While most successful leaders subscribe to this theory, the real question is not whether you should seek counsel, but in fact where, and how much counsel you should seek. You see more input, or the wrong input doesn’t necessarily add value to a decisioning process. Volume for the sake of volume will only tend to confuse matters, and seeking input from sources that can’t offer significant contributions is likely a waste of time. Two other issues that should be considered in your decisioning process as they relate to the source of input are as follows:
Good luck and good decisioning…
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