Selected Techniques for
Fast Decision Making and Idea Evaluation
Once you come up with a
business idea, you need to know how to assess whether it is worth pursuing.
The Jazz of Innovation:
11 Guiding Principles
The ability to
make strategic decisions quickly is vital to your success and survival in
the increasingly competitive marketplace.
can generate lots of good
ideas for projects.
You need to develop some
sort of objective prioritization criteria to be able to separate the high
potential and high priority ideas and projects from those that are less
At the end of an ideas campaign or the idea
generation phase of the
session, you should also be able choose the ideas you wish to take further
quickly. A good brainstorming session can generate a lot of ideas. If you have
no means of determining which ideas will best meet your needs, it is all too
easy to become overwhelmed by ideas and select none of them, or to choose to
implement one of the most obvious but least effective ideas.
The best approach is to choose the best ideas from
all ideas generated in the brainstorming session and then evaluate them.
Normally, you should determine the evaluation criteria and the evaluators before
you begin your
Use the three-step approach to choose the most
Step 1. Quickly reject ideas which you do
not want to follow up. Ideas should be rejected because they do not solve the
problem, are irrelevant, do not
fit your firm's
are duplicated, or are clearly impossible. Do not reject ideas which are simply
difficult or weird. Such ideas could later prove to be your best ideas.
Step 2. Select the best remaining ideas. The
can help you to do so: look through your
list of ideas and circle the 20% that will yield 80% of the results you are
Do try to include some wild ideas even if you
believe they are near to impossible to implement. Divide ideas into two groups:
(1) the ideas you are likely to implement in the short term and need to evaluate
immediately; (2) the ideas that should be saved for future evaluation and
Step 3. Evaluate the most promising ideas.
Have the evaluators rate each idea against each criterion. The following methods
can be used for idea evaluation:
The 5x5 evaluation matrix is the simplest one. You
determine five criteria and compare each idea to each criterion, giving it a
score of 0 to 5 points depending on how well the idea meets the criterion. Add
up the scores and multiply by four and you have a percentile score for each
idea. This facilitates easy comparison of ideas.1
Evaluators should also be able to add remarks to
the evaluation. This will allow them to clarify scores and explain how the idea
could be modified to improve its score.
The best and fastest decisions are made from
intuition which is drawing from your knowledge, experience, and your
ability to receive and interpret
signals from the Universe.
Your rich experience is key to building your intuitive decision making
ability. The more patterns and happenings you get exposed to, the more your
intuition can draw from experience and statistics...
about Fast Evaluation of New Ideas
The Company Director to the Board Chairman: If
any new ideas come up while I am out of the meeting for a brief phone call,
my vote is 'No.' ...
"A person with a new
idea is a crank until the idea succeeds."