In armed forces real-time operations where decision making can be a matter of life and death, the leaders often do not have the benefit of time to ponder over their decisions and analyse decisions fully before deciding on a course of action. Oftentimes, having 70% to 80% of information is enough to take action.
In certain situations, this can also be carried over to the working world. Too often, people are afraid to take action unless they have all available information. This may lead to “paralysis by analysis” as no one dares to take the next step.
If you ever find yourself in a position where you are “stuck” because you’re trying to gather ALL possible information, just take a step back and see if you can make do with 70% of the information and proceed with a suitable level of confidence. Remember, in this dynamic environment where business moves so fast, it is essential for decision making to be fast too.