Boards make a lot of decisions — as well as the number is merely getting much larger. These are decisions with high stakes, a lot of uncertainty and are generally not the sort of thing you are able to delegate.
Suzanne Nimocks: I do believe it is very important for the panel to have a solid decision-making method that allows those to do the job they are simply paid to do and help operations teams produce good decisions. A good procedure will include such things as challenging the assumptions, playing devil’s advocate and helping management develop alternatives. It will likewise incorporate techniques for avoiding groupthink (eg thinking, Six Considering Hats, Disney Planning Technique etc).
This can be helped with the use of tools just like RACI, and the board may have a formal process to decide which in turn issues are appropriate for its insight. It might utilize the output from a board retreat or the function of committees that have been tasked with specific decisions, to make sure that the decision is at the agreed risk urge for food and happens to be informed by all the advice they have received.
Leigh Weiss: I think the key is to take a step to come back from the certain decision you are facing and consider, on one hand, the scope https://boardmeetingtool.net of the potential impact (what’s at risk) and, on the other hand, the level of conviction about if it will take place. This helps you prioritize the best places to spend time and be sure that the table is making a premium quality decision based on the best data available.