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Post by David Wyld on May 28, 2013 21:47:30 GMT -6
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Post by franklinvazquez on Jul 5, 2013 11:38:28 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
I believe that most business decisions are based on assumptions; however, managers need to be realistic about them. When building forecasts or budgets, the Finance and Accounting teams use a lot of assumptions and past data to estimate future values. Even know there will always be a margin error, these estimates should be close enough if there is consistency between assumptions and future actions. Otherwise, the work of Finance and Accounting people will be useless. For every company, it is important to use the appropriate techniques to make decisions, and although assumptions can be part of them, the actual outcomes should not be too far from expectations.
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Post by jalesianelson on Jul 14, 2013 7:26:57 GMT -6
Instant MBA: Never Make Decisions Based On Assumption To make a decision based upon assumption is the biggest mistake ever, especially in the business field because that decision is critical to the business. More than less, most business leaders do not realize that their decision is based upon an assumption they’ve made, and instead of stepping back to evaluate the facts of the whole scenario, they rush into making the decision. More often than not, organizational leaders do not realize that it is these careless decisions that cause their business to fail. I know that assumptions will be taken into consideration eventually, and miscalculations are bound to happen, just make sure that the proper protocol and techniques are used when the time arrives.
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Post by elvia on Jul 16, 2013 10:18:26 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
I have learned from past experiences not to make decisions based on my assumptions, especially my crazy ones. An assumption is just a thought that hasn't actually been proven yet. So from a business perspective making decision based on assumptions is a pretty big risk in my opinion. I believe a lot of business decisions are made off of assumptions. Businesses are using different forecast models and methods to predict certain future events, like demand for example, and use this data to make decisions. Those predictions are just assumptions on what may happen. In order to make more accurate decisions these businesses need to find different ways to find more realistic data to make their decisions with.
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Post by maryhilse12 on Jul 17, 2013 17:26:32 GMT -6
INSTANT MBA: You Need To Know What Doesn't Matter
I agree that prioritizing is the key to successful management. You must know how to do it and when to prioritize. Moving to fast, can leave space for errors. Keep focus and have a schedule on projects. This can guide you to success.
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Post by campbell22 on Jul 18, 2013 12:53:47 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions I think that doing this would obviously benefit the company but I feel as if it would be something hard to do. When a decision is made, you really don’t know what the result is going to be so you basically have to assume and hope that things turn out the way you wanted. Going off numbers and data probably isn't a bad idea since you have proof in front of you that something is profitable or if it’s a bad idea but if you don’t have any concrete evidence to go off of then you must go with your gut decision.
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Post by harrisonrainwater on Jul 18, 2013 17:48:00 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
I think often times, our ego or even what others tell us cloud our judgment and keep us from making well educated judgments. When a person makes an assumption they are creating a perception in their heads of what they believe about a certain subject. These assumptions can be helpful in swaying towards either side of an issue, however, should not be incorporated into decision making. Decision making should be based on fact so that real, predictable results can be anticipated.
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Post by mda1287 on Jul 18, 2013 22:48:38 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
I agree with this article in that you need to make more calculated decisions rather than just assuming what might happen. This goes for even working with customers, you want all of the facts on the table. I believe that you should make sure you have all the facts on the table to be able to make decisions. Assumptions could cost the company a sale or even break a relationship with a customer, and they are of the worst form of business.
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Post by kylekling on Jul 19, 2013 12:29:45 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
Just because something happened in the past, doesn't mean it will happen again, even if you do use the same or similar approach. Assuming that something will turn out a certain way is human nature, but it is not logical. You must not base decision making on an assumption. Taking a more calculated approach would be much better. Of course, you never know what will actually happen, but this way you aren't assuming it will turn out a certain way.
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Post by Deleted on Jul 20, 2013 11:50:06 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
Most assumptions are based off of rumors. When someone approaches you with what sounds like a rumor or is what someone interpreted Apr what happened, you need to go to that person and find out the truth. Making further judgements about the situation can place you in a world of trouble. It can jeopardize your job as well as a coworkers job. Taking action by first talking to the individual will help to solve the situation.
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Post by neilthompson on Jul 21, 2013 18:04:20 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
When making decisions, it is very important to do all that you can to verify assumptions. If you make a decision based on a bad assumption, you will most definitely make mistakes. It is important to understand where the information is coming from and what level of certainty there is in the assumptions.
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Post by lydell on Jul 22, 2013 10:15:28 GMT -6
More than less, most business leaders do not realize that their decision is based upon an assumption they’ve made, and instead of stepping back to evaluate the facts of the whole scenario, they rush into making the decision. More often than not, organizational leaders do not realize that it is these careless decisions that cause their business to fail.
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Post by scotthunt13 on Jul 22, 2013 18:04:21 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
This is easier said than done. Obviously we should never assume anything but most decisions are going to be made on an assumption. If you're making a decision that has past data or evidence to back it up then you'll have a better idea of how it's going to work. Not every decision is going to have past data to go off from so as much as you don't want to assume something there's really no other way around it.
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Post by blaine on Jul 22, 2013 19:07:39 GMT -6
Decision making in one aspect of business that many leader face on a daily basis. It is important to think throughly and weigh your options before making a decision for your business. As a leader, you should not assume that something will work for your business just because it did for someone else or because it seems like it is the right thing to do. In order to make correct decisions, you must ask yourself important questions that are relevant to your business. You should also seek outside advice from your employees or other business associates if you are unsure of what is the best decision to make.
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Post by jeff on Jul 22, 2013 19:23:01 GMT -6
INSTANT MBA: Never Make Decisions Based On Assumptions
Assumptions are dangerous in any field of business or life. The problem with assumptions is that we don't always know we are using assumptions, so they may or may not be true, and we would have no idea. It would be a very good idea to stand back and really look into the way you are thinking and try to weasel out any assumptions that you may not have noticed were there before. If you can do that, you'd be up for much clearer and more accurate thinking and reasoning.
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