How Group Decisions Can End up Wrong!

How Investment Committees Go Amiss - WSJ.com

Jason Zweig, in his column, The Intelligent Investor, points out that financial decisions made by committees, are often bad decisions. His advice applies to all kinds of decisions.

• Measure what factors predict success.
  
• Rank the people (and rank the ideas) using metrics.
  
• Reframe the question. Develop arguments "pro" and "con".
  
• Ask "the five whys". Why is the idea superior? Why is this the 'right" answer? Why...?, Why...? Why...?
  
• Define the default position. Any deviation from the default should require extraordinary evidence.

Excellent advice for ANY decision making.