Chapter 7 - Decision Making

[Paul Terlemezian]

The Optimization Trap - unable to deal with abrupt changes - past data becomes a liability

1. When is it time to switch plans
2. Which plan do we choose

Match the newness of your plan to the newness of your environment

First commonsense legend - When the fundamentals change, junk your most successful plans (page 151)

Second commonsense legend - New plans require boldness (courage) (page 153)
Third and final commonsense legend - Be as bold as the situation is uncertain (page 154)

Commonsense is plenty fast (page 157)

Fourth - "call in an expert - not to tell you what to do but to tell you what not do do" page 160

"Can you prove that my plan will fail?"

"Go where experts can't say no"