Learn to distinguish decision quality from outcome quality when uncertainty and luck affect results.
This deck is for anyone working on fundamentals related to Decision Making, from beginner to intermediate.
You will work on points such as: What is the key focus when assessing decision quality? · What distinguishes decision quality from outcome quality in one key a… · What is the main bias in judging decisions solely by outcomes?.
1What is the key focus when assessing decision quality?
Answer: How sound the decision process was given what was knowable then.
2What distinguishes decision quality from outcome quality in one key aspect?
Answer: One evaluates the process; the other evaluates the realized result.
3What is the main bias in judging decisions solely by outcomes?
Answer: Outcome bias.
4What is the central criterion when judging outcome quality?
Answer: How favorable the realized result is relative to the objectives.
5What is one core advantage of process-focused evaluation over result-focused evaluation?
Answer: It allows fair learning even when outcomes are driven by luck.
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