When Action Beats Prediction - Commoncog
One of the great paradoxes of business is that management is prediction, but entrepreneurship ... isn't. What a theory of expertise in entrepreneurship tells us about creating new things in business.
One of the big ideas that we’ve covered in the past couple of weeks is the notion that ‘management is prediction’ — the W. Edwards Deming observation that you cannot run your business effectively if you are unable to predict the outcomes of your actions. We’ve mostly talked about this in the context of becoming data-driven: the raison d'etre for using data is to gain knowledge, and the purpose of knowledge is so that you may make better, more accurate predictions when running your business. But I think it’s worth talking about business situations where prediction is overrated. It turns out…
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