
Questions
and Answers with Michael E. McGrath
The
following are questions and answers posed to Michael
E. McGrath about decision-making.
1.Why
do you believe decision-making skills are so important?
When
you think about it, our decisions critically impact
and shape our lives. In fact, making decisions is
the most important thing we do. As life progresses,
we cumulatively make decisions on education, career,
relationships, etc. For the most part these decisions
shape our lives. We also make thousands of other
less important decisions that determine what we
do every day. Simply stated, if we can make better
decisions, we can improve our lives.
2.
Do you believe that people can learn to make better
decisions?
Absolutely!
Everyone can learn to make better decisions. I've
yet to meet someone who tells me that they always
make the best decisions and that they won't benefit
from improving the way they make decisions. We can
all learn the skills for making better decisions
and apply those skills to our lives in everyday
situations and in our major life-changing decisions.
Through its books and other educational programs,
Decide Better! helps people to make better decisions.
3.
What role has better decision-making played in your
own life?
Long
ago I realized the importance of making better decisions
in my life, so I started studying decision-making,
learning from my own experiences as well as the
experiences of others. Over time, I improved my
skills at making better decisions. Making better
decisions has transformed my life, and I believe
that making better decisions has been the primary
reason for my success.
4.
When you were a business consultant you developed
some new techniques for making better business decisions.
Can you comment on those?
Yes,
I frequently advised executives at the companies
where I consulted on how to make better business
decisions. In the late 1980s, I created a decision
process for large corporations to improve the way
they make decisions on research and new product
development. Prior to that, this decision process
was very inconsistent and ineffective in most companies,
many of which wasted millions on bad decisions every
year. I created an explicit process for making decisions
phase-by-phase, according to clearly-defined criteria
at each phase. It was enormously successful, saving
companies hundreds of millions of dollars (billions
collectively) and enabling them to get the right
products to market much faster. I wrote two successful
books on this decision process, and since then more
than 1,000 large companies have adopted it as their
standard process for making better decisions on
new products.
5.
As a CEO you developed a reputation as a strong decision-maker.
Can you comment on that?
Many
people have told me that I am a strong decision-maker.
For example, when I stepped in as CEO to turn around
i2 Technologies, I needed to make a lot of big decisions,
some of them very quickly, in order to save the
company. We made the right decisions, making the
company profitable, eliminating the debt that was
coming due, and igniting growth. I think decision-making
has become one of my strong points in leadership.
6.
Why did you decide to create Decide Better!?
I
realized that I could help others learn how to make
better decisions, enabling them to have a better
life. What a great way to help others! Maybe I could
positively change the lives of thousands or even
hundreds of thousands of people. Wouldn't that be
great? So I created Decide Better! to develop the
books and other materials to help them.
7.
Has making better decisions been addressed before
this?
Not
in a practical and interesting way. For the most
part, books on the topic of decision-making, including
my previous books, have been academic or business-focused
and covered one particular process for making decisions.
There really haven't been any books, training, or
other materials focused on making better decisions
in life that were practical and easy to read.
8.
What makes you an expert on making better decisions?
Good
question. First of all, I'm not sure that anyone
makes perfect decisions, including me. I've made
my share of bad decisions. However, I have studied
decision-making skills for a long time, established
a reputation for being a strong decision-maker,
and advised businesses on making better decisions,
so I have much to offer others at this point in
my life. Over the last 25 years, I've created practical
decision techniques for making better decisions
in a wide range of situations, and after a while
I began sharing these with others. Since we started
Decide Better!, we have done a lot of research on
decisions and developed a wide range of practical
techniques to benefit others.
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