The Coronavirus: The biggest mistake decision makers can make

The Coronavirus: The biggest mistake decision-makers can make…and why it’s so easy to make it!

As a decision scientist, I am often approached by customers, students and friends, asking for advice, when they are facing a difficult decision.

Over the past few weeks, I have had numerous calls and messages asking for advice on what to do regarding the #Coronavirus, both from a personal and business perspective. Should we stay at home, take our kids out of the school, close the factory? Nobody wants to over-react but also not wait too long, and have to live with the regret…

In the video below, which I recorded today, I share my views on the biggest mistakes that decisions makers are making when it comes to deciding when and how to act, why it is so easy to make these mistakes…and my advice on how to prevent these mistakes.

My two key messages in this video include:

1) PROCRASTINATION is generally a bad idea, UNLESS…?

Unless it helps you get into FLOW and/or when there is evidence that by waiting, you will get more information to make a better decision.

But it is also very easy to fool ourselves and procrastinate when we shouldn’t….when there is no upside to waiting…only a downside. Whenever we are assigned a task or challenge to deal with, we should immediately analyze it to gain insight on how complex or challenging it will be, whether we have a “full-kit” of what we need, and then decide whether to act immediately or not.

So, when you are going to procrastinate, PROCRASTINATE LATER…not earlier.

2) Over-reacting and panicking is generally a bad idea, UNLESS…?

Unless you are facing a situation involving exponential growth and finite resources. In such cases, waiting even just a few weeks or days too long, can have a massive downside effect, with no real upside.

But it is also very easy to confuse exponential growth with linear growth in the beginning stages…fooling yourself that you have plenty of time.

So, when you are dealing with any situation involving exponential growth and finite resources, PANIC EARLIER, not later….

… as every single day you acted earlier can have a massive impact and buy you critical time to contain or slow down a pandemic like the Coronavirus.

PS: By “Panic” I really don’t mean rushing out and buying toilet paper I mean taking whatever action you can, based on advice of the World Health Organization, to protect yourself, those you care about, your team, your business, and by doing that, to contribute to contain the spread of this terrible pandemic.

Like my mentor and friend, Dr. Eli Goldratt used to say, when it comes to risk, the rule-of-thumb should be, “be paranoid, but not hysterical”…

I would love to hear your thoughts on this topic…

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