Do I Really Need a Quantitative Model for Decision Making?
This is a common question I heard from small business owners. Some felt that their business environment is so complicated and full of uncertainties. No model can capture the essence and provide a good suggestion. Others think their years of experience has equipped them with the ability to call a decision using their mental processing power. Both have their merit but also miss a key point. For the former, the claim is true for higher level decisions, especially those at the strategic level. Decisions for a longer horizon tend to involve higher level…continue reading →