Many executives assume that speedy decisions come at the cost of quality, but a recent survey by McKinsey & Co. challenges this belief. The study also highlights growing levels of frustration with broken and slow-paced decision-making processes and the uneven quality of decision-making outcomes.
Less than 50% of the survey respondents said that decisions are timely, and 61% said that at least half the time spent making them is ineffective. For a typical Fortune 500 company, the study said, this calculates to about 530,000 days of managers’ time potentially squandered, at a cost of about $250 million in wages annually.
Read about three decision-making fixes that can make a difference.