Decision Making

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Decision Making

Edited by

Devi Rajnikanth
IBS Case Development Centre

Icfai BooksTM # 71, Nagarjuna Hills, Punjagutta, Hyderabad – 500082 Andhra Pradesh, INDIA Phone: 91 - 40 - 23435387/91, Fax: 91 - 40 - 23435386 e-mail: icfaibooks@icfai.org, ibscdc@icfai.org Website: www.books.iupindia.org, www.ibscdc.org

© 2009 The Institute of Chartered Financial Analysts of India. All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from the Icfai University Press. While every care has been taken to avoid errors and omissions, this publication is being sold on the condition and understanding that the information given in the book is merely for reference and must not be taken as having authority of or being binding in any way on the authors, editors, publishers or sellers. Icfai Books, IB and the IB logo are trademarks of the Icfai University Press. Any other product or corporate names, that may be registered trademarks, are used in the book only for the purpose of identification and explanation, without any intent to infringe. Other than the publisher, no individual or organization is permitted to export this book from India. Case studies are intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. Copies of individual case studies are available for purchase from www.ibscdc.org

ISBN: 978-81-314-1571-9

Editorial Team: Ivaturi Murali Krishna and Deepa Verma Visualiser and Designer: P. Damodara Siva Prasad

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Contents Managerial Decision Making and Long-term Effectiveness 1–12

The Organisational Learning

Interview with Samuel E. Bodily
13–16

A Scientific Approach for Making Decisions
Don’t Leave it Up to Chance
17–22

The Eight Keys to Making Great Decisions
Conquer Crisis
23–28

Interview with David J. Snowden
29–32

Ethics, Biases and Strategic Decision Making
The Balancing Act
33–42

Interview with Bettina Büchel
43–46

The Conscious Manager
Zen for Decision Makers
47–56

The Anatomy of a Decision
The Customer Perspective
57–66

Interview with Colin Carnall
67–72

Diversification in Developed and Emerging Countries
73–84

How to Facilitate the Executive Decision

Interview with George Wright
85–92

Interview with David Teece
93–98

Interview with Derek W. Bunn
99–103

P R E L U D E
A Danish proverb says, “He who has a choice has trouble.” Every decision ever taken is borne out of choices. Successes as well as failures are the results of decisions. What then distinguishes success and failure? Good decisions and bad decisions. “Nothing is more difficult, and therefore more precious, than to be able to decide”, Napoleon said. After all, decisions are the essence of management. They’re what managers do – sitting around all day making (or avoiding) decisions. Managers are judged on the outcomes and most of them have only the foggiest idea how the workforce operates to meet their targets. Many books, reports, articles, etc., have been written on decision-making. Two that were really concise and insightful were Fortune’s 75th Anniversary special (June 27th 2005) on how to make great decisions and HBR’s January 2006 issue on decision making. In Fortune (June 27th 2005), Jim Collins made a lucid distinction between...
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