Speed and Strategic Choice: How Managers Accelerate Decision Making

Abstract

Strategy making has changed. No longer is the carefully conducted industry analysis or deliberate strategic plan a guarantee of success. Speed matters. A strategy that takes too long to formulate is at least as ineffective as the wrong strategy. But, how do decision makers make fast, yet high-quality, strategic choices? This article describes the powerful tactics that fast decision makers use. They maintain constant watch over real time operating information and rely on quick, comparative analysis to speed cognitive processing. They favor approaches to conflict resolution that are rapid and yet maintain group cohesion. Finally, their reliance on the private advice of experienced counselors and on integration with other decisions bolsters their confidence to decide quickly in the face of big stakes and high uncertainty.