Panel Management Making decisions

Boards decide to make a lot of choices — and the number is merely getting larger. These are decisions with high-stakes, a lot of uncertainty and are generally not the kind of thing you are able to delegate.

Suzanne Nimocks: I think it is very important to get the aboard to have a solid decision-making procedure that allows these to do the job they are really paid to do and help administration teams help to make good decisions. A good process will include things such as challenging the assumptions, playing devil’s advocate and helping management produce alternatives. It will likewise incorporate processes for avoiding groupthink (eg brainstorming, Six Considering Hats, Disney Planning Approach etc).

This is helped with the use of tools such as RACI, plus the board might have a formal process to decide which usually issues are appropriate for its insight. It might also use the output from a board escape or the operate of committees that have been requested with certain decisions, to make certain that the decision is the decided risk hunger and has become informed by all the advice they have received.

Leigh Weiss: I do think the key is for taking a step once again from the particular decision you are facing and consider, on one hand, the scope important source of the potential impact (what’s at risk) and, on the other hand, the level of conviction about if it will arise. This helps you prioritize where you should spend time and be sure that the table is making a top quality decision based on the best info readily available.