Written By: Deborah Gross
Patrick Leach, CEO of Decision Strategies joined the WFE on April 21, 2016 to discuss the decision-making process we undertake when faced with uncertainty.
In some very insightful scenarios, Patrick was able to demonstrate that looking for validation is one of the worst biases we have. People will search for facts that support their pre-ordained position but rarely look for facts that contradict this position. The result is that people develop strategies that are not robust and don’t provide for contingency plans. If any of the predictions fail to come true, the strategies will fail.
One of the key takeaways according to Patrick is that “in complex business situations, great insight can be gained through a probabilistic modeling and analysis, it is important to approach these analyses with as little bias as possible.” A balance needs to be struck between logic and emotion.
Patrick Leach has over thirty years of experience in industry and consulting, ranging from New Orleans to Indonesia, Scotland, and now Houston. He joined Decision Strategies Inc. in 2004 as a Senior Consultant, and became CEO of the company in August of 2011.