jeffturley

“Researchers now estimate that Vioxx may have been associated with as many as 25,000 heart attacks and strokes. And more than 1,000 claims have been filed against the company.” ** How do large organization i.e. WAMU, Wachovia or the U.S Government make such catastrophic miscalculations? Harvard Business Review** discussed the topic of bounded awareness – when cognitive blinders prevent a person from seeing, seeking, using, or sharing highly relevant, easily accessible, and readily perceivable information during the decision-making process.

5 Significant Perspectives from Resolve Lending, Inc.

1) SEE: Know what you are looking for, and train your eyes. Secret Service agents can scan a crowd to recognize risks. Business executives can do something similar by asking questions like, “What if our strategy is wrong? How would we know?” Simply asking the questions will force you to pay attention to areas you’re typically unaware of.

2) SEEK (0UT) – THE DEVIL: Challenge the absence of disconfirming evidence. Receiving recommendations without contradictory data is a red flag indicating that your team members are falling prey to bounded awareness. Assign someone to play the role of devil’s inquisitor (a person who asks questions, as opposed to a devil’s advocate, who argues an alternate point of view).

3) SITUATION: Unpack the situation. Make sure you’re not overemphasizing one focal event and discounting other relevant information. By consciously thinking about the full context of your situation, you’re less likely to disregard important data.

4) SHARE: Everyone has unique information; ask for it explicitly. Meeting agendas for top executives should require updates from all members, thus increasing the probability that important individual information is shared.

5) STRENGTH: When appropriate, will yourself to lead against the crowd. Knowledge is not enough, the strength “to act” will separate you from others.

Learning UNBOUNDED AWARENESS is more about marriage, parenting, finances and leadership in life. When I practice these internally then I naturally translate them in work, family and relationships.

Rates are still at historical lows give me a call, it would be great to catch up!

Jeff

** Decisions Without Blinders – Harvard Business Review OnPoint – Bazerman/Chugh