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The article stresses the significance of decision-making tools in business settings, highlighting their limitations in predicting outcomes. The authors propose a diversified toolkit of methods, including quantitative multiple scenario tools, real options valuation, decision analysis, and historical analogies, to provide a more comprehensive approach to decision-making. They encourage managers to consciously decide when and how to make decisions, rather than relying solely on capital-based budgeting or standard regression forecasting. The article provides practical examples of how these methods can be applied in real-world scenarios, such as a college testing the waters through small-scale experiments to respond to disruptive changes in their industry. Overall, the article emphasizes the need for businesses to adopt a more inclusive decision-making process that considers uncertainties and biases, allowing for experimentation and learning.
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