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The Cost of Perfect Information

I’ve talked before about the importance of making timely decisions.

Of course, making good decisions, timed right, is a tough challenge for every manager. But most people over-analyze opportunities, trying to uncover the “perfect” information that will guide them to making the ideal choice. People agonize for too long before making a decision and then they don’t pay enough attention to managing the outcome.

The cost of the search for perfect information is just too high. Time is wasted and opportunities are lost when people become fixated on having perfect information.

Experienced people instinctively know the right course. Trust your instincts, make a decision, and then focus on the consequences, and next steps.

  • What’s delaying you from making an important decision; are you searching for the perfect information that you think will guide you to the perfect choice?
  • If you had to make the decision today, what would the decision be?
 
To learn more about the cost of perfect information, download this short chapter from Applied Wisdom for the Nonprofit Sector.

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