Which (Options and Risk)

Which? (Options and Risk)

“Opportunities multiply as they are seized.” Sun Tzu

In language which refers to selection.

We have to choose which way to go and therefore ‘Which?’ deals with the idea of selection. We are generally faced with various strategy options and we have to select a route by assessing all the factors. One of the major factors affecting a decision is risk. If a venture is deemed too risky it is the surest thing that will stop us acting, no matter how attractive the option first seemed. Therefore risks need to be identified, assessed, mitigated and managed so that we are in the best possible place to make our decisions. Capacity for risk varies between people and situations so it is important to remember that this is an on-going process of management. At the same time we don’t want to become defensive, timid or risk averse; achieving bold visions means taking risks. We just need to make sure we have counted the cost before we commit ourselves.

Which is primarily considered with how, when and who under PLANNING.

The OODA Loop decision making cycle

7 22 July, 2013 Comments

The OODA Loop decision making cycle Colonel John Boyd, a strategist with the USAF, proposed that as a situation evolves we have to observe the changes and orient ourselves to the new information that is coming to light. We can then decide on the best course and take action. In other words, decisions are made…

Continue reading "The OODA Loop decision making cycle"

Lessons learnt from decision making

7 15 July, 2013 Comments

Which things need to change and what remains the same? How do we apply lessons learnt to our decision making? We need to be continually assessing our decisions and applying the lessons learnt from our actions. “If history repeats itself, and the unexpected always happens, how incapable must Man be of learning from experience.”  George…

Continue reading "Lessons learnt from decision making"

Risky business: risk management strategy and knowing when to take a chance

7 8 July, 2013 Comments

What is a risk management strategy? Which opportunity should we take and which risks should we avoid? We do not always think in terms of risk management or have a risk management strategy but our decision making is continually influenced by how we perceive risk and by our attitude to risk. “Great deeds are usually…

Continue reading "Risky business: risk management strategy and knowing when to take a chance"

Which is the best course of action?

7 14 January, 2013 Comments

How do we select our preferred strategy and best course of action? “Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists.” Edward de Bono The ‘Which’ question relates…

Continue reading "Which is the best course of action?"

What are The Right Questions for Decision Making and Strategic Planning?

7 31 October, 2012 Comments

What are The Right Questions and how does strategic planning link to decision making and achieving goals? So, having established in previous posts some of the background behind The Right Questions and an idea of their importance, we can now get an overview of The Right Questions and how they are applied to strategic planning and achieving…

Continue reading "What are The Right Questions for Decision Making and Strategic Planning?"