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Traps and Pitfalls

Posted by admin_mf on Feb. 6, 2014  /   Risk Management, Commentary  /   0

Guidance frequently comes in lists: Things to do and Things to don’t. Perhaps Traps to avoid and Pitfalls to avoid are in a separate class. The advice is typically structured like caution signs. If you walk on this wet floor you might fall and get hurt. Warnings like “Wet Floor” are universally recognized and often ignored. As humans, we are wired to accept risk without knowing the odds. Mindful and intelligent people decide to trudge right through. Not all Traps and Pitfalls are clearly marked to guide our decision making.

Here is another list recently published on the Harvard Business Review website (November 14, 2013). Michael Mankins writes about "The Five Traps of High-Stakes Decision Making." 

1. An unrealistic search for silver-bullet solutions.
2. Failure to consider alternatives explicitly.
3. Too many people involved.
4. Failure to consider opportunity cost.
5. Underestimating the challenges involved in execution and change management.

Read about those here:

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