Check out the article on Noise in the October issue of Harvard Business Review. It is written by highly acclaimed Nobel price winner in Economic Sciences Daniel Kahneman and his colleagues in TGG Group. It covers the cost of inconsistent decision-making and provides some useful approaches to identify shortcomings and implement remedies against noise. The ultimate goal is to to improve the quality of decisions. Highly recommended.
Noise is defined as the chance variability of judgments. Professionals often contradict their own prior judgments when given the same data on different occasions. This causes even successful companies to lose substantial amounts of money without realising it.
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