Making Quick Decisions with Limited Data
During my recent talk at Microsoft, a program manager shared her frustration on having trouble making quick decisions with very limited data, say 10-20% of data. Her manager considers this ability is one of the major indicators of professional maturity. I agree with her manager. But how can one make quick decisions with very limited data? The key is to become systematic in the decision making process. Summarize and build decision making models that take a few parameters. If you constructed many simulation models in the business world, you can change a few parameters and provide quick conclusions. Once these models become part of your thought process and part of your intuition, you can accelerate your decision making process significantly. Of course, you can always compare with incoming data and validate your conclusions again. Observe the senior people around you as they face the same challenges. Find out how they come up with quick decisions and why they think the way they do. Y...