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Leading Successful Group Decisions: 10 Tips for Financial Managers

Decision-Making Is Challenging. At least 50% of all decisions end in failure.. Source: Why Decisions Fail - Author Paul Nut - Publisher; Berret

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Leading Successful Group Decisions: 10 Tips for Financial Managers

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    1. Leading Successful Group Decisions: 10 Tips for Financial Managers ASMC 2009 PDI Workshop #125 Tony Hardin & James Short Friday, May 29th 0915-1030

    3. Overview Are Group Decisions Better than Individual Decisions? Why is Group Decision-Making Challenging? 10 Tips for Financial Managers Summary

    5. Are Group Decisions Better Than Individual Decisions? Debatable Since the Beginning of Time The widely read The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004 by James Surowiecki, concluded that the diverse collection of independently-deciding individuals is likely to make certain types of decisions and predictions better than individuals What’s the weight of the Ox?

    9. Meeting Efficiency

    10. Why Some Group Decisions are Tough

    12. 10 Tips for Financial Managers

    13. Gather as much information as possible about the decision including understanding: What is the decision goal and specific timelines? Who are all the stakeholders (e.g., who gets a vote versus just provides input)? How and when will the final decision-maker be brought into the decision? Are we choosing a single winner or multiple winners? What are the assumptions to this decision? What are the major drivers that will affect the decision? What are the choices or alternatives that we are looking at?

    16. Tip 3 Example – Government (Defense) Investments

    17. Realize the following: Some criteria are more important than others It’s important to develop a method for comparing criteria (e.g., pairwise comparison) Assigning weights to each criterion will help with the objectivity of the decision

    18. Tip 4 Example – Prioritize and Weigh Criteria

    19. Criteria Concept Exercise

    21. There is no “one size fits all” approach to ratings Rating scales can be numeric or data driven Example – Support to the Mission: Direct Support to the Mission; More than 70% of requirement supports the mission; Between 40 to 69% of requirement supports the mission; Less than 40 of requirement supports the mission; and, no support to the mission

    22. Alternatives are the options you are choosing among Ensure Alternatives are well-defined and understood by all participants Evaluate alternatives against the criteria you have developed

    27. Tip 10 - Role of the Facilitator (Key Role in Process)

    28. Tip 10 - Role of the Facilitator (Meeting Preparation)

    29. Tip 10 - Role of the Facilitator (Tools)

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