Decision Lab
/Some of you asked after last week’s blog, if running experiments to test hypotheses is always worthwhile. Great question. No, it's not always worth experimenting. And sometimes it’s not possible at all. Conditions where experimenting is not clever:
Irreversible situations - Some actions can't be changed without great cost. In those situations, getting the best information, preferably from people who know what they are talking about is a good option for a sound decision. Don’t rush into something irreversible.
High Consequences - If you are deciding on what takeout to eat on Friday night, experimenting is fine. If considering something where getting it wrong will be extremely costly by any measure then choose carefully.
There may well be irreversible, high consequence decisions that are worth taking. It’s not about avoiding all risks. In a high consequence, irreversible scenario, it makes sense to consider carefully and decide slowly. You’ll have to live with the outcomes for a long time.