1. Breakout C. Courageous Decision Making: Have Vision and Strategy for Effective Decision Making
Facilitators:
William A. Zoghbi, MD, FACC, President
Thomas E. Arend, Jr. Esq., CAE, CSO

2. Share a short story or anecdote about decision making – begin with something humorous

3. “Decision is a sharp knife that cuts clean and straight; indecision, a dull one that hacks and tears and leaves ragged edges behind it.”
A quote about the reality of decision making – a necessary part of being a leader
- Gordon Graham

4. Decision-Making Must Haves:
Vision and Strategy
A strong leader must have a vision and strategy to make a clear decision

5. Six Steps to Sound Decision Making
Perform a Situation Analysis:
What is motivating the need for a decision?
What would happen if no decision is made?
Who will the decision impact (both directly and indirectly)?
What data, analytics, research, or supporting information do you have to validate the inclinations driving your decision?
Subject your Decision to Public Scrutiny:
There are no private decisions. Sooner or later the details surrounding any decision will likely come out.
If your decision were printed on the front page of the newspaper how would you feel?
What would your family think of your decision?
How would your shareholders and employees feel about your decision?
Have you sought counsel and/or feedback before making your decision?
Source: Myatt, Forbes, March 2012

6. Conduct a Cost/Benefit Analysis:
Do the potential benefits derived from the decision justify the expected costs?
What if the costs exceed projections, and the benefits fall short of projections?
Assess the Risk/Reward Ratio:
What are all the possible rewards, and when contrasted with all the potential risks are the odds in your favor, or are they stacked against you?
Assess Whether it is the Right Thing To Do:
Standing behind decisions that everyone supports doesn’t particularly require a lot of chutzpah.
On the other hand, standing behind what one believes is the right decision in the face of tremendous controversy is the stuff great leaders are made of. 
There are many areas where compromise yields significant benefits, but your value system, your character, or your integrity should never be compromised.
Source: Myatt, Forbes, March 2012

7. Bonus - Always have a back-up plan:
Make The Decision:
Perhaps most importantly, you must have a bias toward action, and be willing to make the decision.
Moreover, you must learn to make the best decision possible even if you possess an incomplete data set.
Don’t fall prey to analysis paralysis, but rather make the best decision possible with the information at hand using some of the methods mentioned above. 
Bonus - Always have a back-up plan:
The real test of a leader is what happens in the moments following the realization they’ve made the wrong decision.
Great leaders understand all plans are made up of both constants and variables, and that sometimes the variables work against you.
Smart leaders always have a contingency plan knowing circumstances can sometimes fall beyond the boundaries of reason or control – no “Plan B” equals a flawed plan.
Source: Myatt, Forbes, March 2012

8. Decision Making Styles
Decision-making styles capture how a leader decides as opposed to what a leader decides.
Delegative
Style
Facilitative
Style
Consultative
Style
Autocratic
Style
High Follower
Control
High Leader
Control
Source: McGraw Hill Higher Education Slides

9. http://www.mpiweb.org/CMS/uploadedFiles/Article%20for%20Marketing%20-%20Mary%20Boone.pdf (page 8)

10. It’s a Leader’s Role to Wear TWO Hats in Decision Making
Metaphor from longtime CEO of Corning, Jamie Houghton:
Cowboy Hat when wanting to debate as an equal
Bowler Hat when being decisive as CEO (signaling end to debate)

11. Uncertainty can cause paralysis
Interesting anecdote:
In a 1992 study conducted by cognitive scientists Amos Tversky and Eldar Shafir, college students were asked whether they would purchase a great deal on a trip to Hawaii over their holiday break. They were told that they would receive the grade on their most important exam before they had to decide. Of those who were told that they passed the exam, 57 percent said they’d go for the trip. Interestingly, a similar percentage (54 percent) of those who were told that they failed also said they’d go.
When researchers designed uncertainty into the mix, results changed dramatically. Students were told that they would not receive the exam grade for two days and that they could buy the trip now, pass on it now, or pay $5 to wait for two days until they received their grade. The majority of students (61 percent) said that they would wait. The first part of the study showed that students for the most part wanted to go if they passed or if they failed the exam, but here they were willing to pay to wait and find out their grade.
This study shows the lengths that we will go to avoid uncertainty. Students seemed to think that knowing their grade would help them make a good decision when in reality it would not make a difference in their decisions.
(source:

12. This uncertainty paradox often leads to hesitation….
AT-ZWE Vigue-MSTR

13. …. or sometimes it even leads to over analysis
AT-ZWE Vigue-MSTR

14. ….. or indifference
AT-ZWE Vigue-MSTR

15. Dealing with Uncertainty
Low hanging fruit
Lower risks with higher payoffs
Dealing carefully with high risks
Avoiding fear, motivation, and gridlock
Understanding potential for big gains
Focusing on core priorities with better environmental scanning
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16. Once you make a decision, the universe conspires to make it happen
Once you make a decision, the universe conspires to make it happen. - Ralph Waldo Emerson