Spring Term

The term began today as most of us returned to the ERBA class. It was about making decisions. There is a decision to be made. We decide on making a decision based on our 'educated' guesses as to whether the market is strong, mild or weak. However we don't have enough data. So we must decide now to make another decision. Should we or should we not get a survey done. Now we try to look at the payoff based on what we think the survey will tell us. Then we change hats and try to look at the situation as a 'Clairvoiant'.

Now we decide to use the survey only if it costs less than a Clairvoyant's estimate. Voila!
I remember Ralph Katz's words.
'No decision is based on data.' Besides this, I also attended an excellent seminar on Supply Chain Management of the Cold vacine.' Will blog about it soon.

The day finally ended with our first class in Technology Strategy. I enjoyed it.

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