Annual Report 2002 - Cornell University
004 Selected Books by Faculty

16 J. Edward Russo, Johnson Graduate School of Management

Winning Decisions: Getting It Right the First Time (Doubleday Currency, 2002). After decades of groundbreaking research and 30 years of consulting with top executives and managers, Russo and co-author, Paul Schoemaker (University of Pennsylvania, Wharton School) offer strategies for making good decisions. They note that the old-fashioned way of making decisions—intuition, common sense, and specialized expertise—is not sufficient for today; the risks are too high. They cite, as example, decision-making and the Challenger space shuttle disaster (studied in a previous book). The authors present a four-step decision-making framework: 1) frame the issues to ensure the real problem is being solved; 2) gather all facts, options, and reasonable evaluations of the "unknowables"; 3) use a systematic approach, rather than an intuitive one; 4) refine your decision using lessons learned from past successes and failures. The book has been hailed by the Harvard Business Review as a "comprehensive, well-balanced guide" to decision-making.

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