Always work on minimizing the impact of the worst possible outcome you can think of. In the face of uncertainty "minimax" is a decision rule used in decision- and game theory, statistics and philosophy to minimize the maximum possible loss. It can be applied to decisions where the consequences of decisions depend on unknown facts. For example, deciding to prospect for minerals entails a cost which will be wasted if the minerals are not present, but will bring major rewards if they are. Work to minimize your maximum risk.
Thursday, June 4, 2009
Subscribe to: Post Comments (Atom)
About the Author
Urban Gavelin a native Swede with more than twenty five years of business experience. He has held positions as director of sales- marketing- and business development on Nordic, European and World Wide levels. Urban has lived and worked in Stockholm, London and New York, now works primarily with leadership development and sales training and is a credentialed coach. He has studied Executive Management at Lausanne Business School and Stockholm School of Economics.
Subscribe Now: Feed Icon Subscribe in a reader or follow on Twitter
Bottleneck Blog by Urban Gavelin © 2007-2011
Post a Comment