decision-making
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The efficiency of decision-making is very important to the management of any company. Fraser calls it a kind of 3-legged stool of responsibility, accountability and authority.
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Though the Fluidigm executive staff was incredibly bright and talented, says Worthington, they initially were almost incapable at making decisions and constantly argued. Worthington decided that the only solution was to set up a decision making process. He set a timeline for the decision, organized the staff into teams, and gave them specific instructions to evaluate the options. Each team performed wonderfully and the process even spur...more
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Behavioral Finance is a relatively recent revolution in finance that applies insights from all of the social sciences to finance. New decision-making models incorporate psychology and sociology, among other disciplines, to explain economic and financial phenomenon, such as erratic stock price variations. Psychological patterns such as overconfidence and perceived kinks in the value function seem to impact financial decision-making, but are...more
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Byers gives an insight into the decision-making process at Kleiner Perkins on how it makes investment decisions. He advises entrepreneurs on ways to champion starting a selling process in the firm.
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Kaplan talks about the five critical skills that entrepreneurs need: 1) Leadership: ability to build consensus in the face of uncertainty 2) Communication: ability to keep a clear and consistent message 3) Decision-making: knowing when to make a decision 4) Being a good team player: knowing when to trust and when to delegate 5) Ability to telescope: to focus in on the details and then move back to the bigger picture.
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Dominic Orr, CEO of Aruba Networks, begins by describing two surprises he encountered when working with great people: first, how difficult it is for experienced people to change and second, how challenging it is to be intellectually honest. Orr then describes his efforts to overcome these impediments by cultivating a fast-decision making process focused on the facts and intellectual honesty. However, to achieve this environment each indivi...more
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An entrepreneur with a successful venture may be faced with the choice of keeping the company private or moving ahead with an IPO. Richardson talks about the preliminary stage in that particular decision making process.
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Reedy talks about how eBay uses the community and their feedback for every new feature they develop. eBay is not a product but a platform, she says.
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Reedy talks about the importance of rapid execution with integrity and confidence: executing with a vengeance. Another important principle, she says, is to keep the community front and center in the decision making. The founder understood the power of the community and till this day the community is at the center of everything that eBay does, she adds.
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Komisar explains that consultants are not in the position of obtaining the level of intimacy with a company that builds confidence in decision making. Strategy consulting exists because senior management wants their strategy to be accepted by a board of directors. Contrastingly, Komisar's role is to come up with bold ideas and steer the direction of the company.
