Avionics News December 2012 - 50

BUSINESS BASICS

Continued from page 49

Yet, even they are sometimes wrong, and intuition can fail because of personal biases like mistaking a situation for something you’ve already encountered, believing in one position blindly, over- or understating risk, ignoring facts or mistaking luck as skill. “Intuition plays an extraordinary role,” Melton said. “But, checking your intuition is good, too.” Any decision is likely to bring you closer to your goal, especially if it comes in a series of small steps toward a bigger objective, such as delegating a project to an employee on the way to his promotion – and in most cases you can course-correct midstream. Likewise, many decisions, even those leading to bad hires or new equipment purchases, can all be undone. “You have to understand the significance of the decision you’re making,” Mooz said. This should relieve some pressure. For all but the most important decisions, make a thoughtful, timely choice, and move on.

DEEPER CONCERNS On those important ones, though, you must be able to explain yourself to customers, Federal Aviation Administration inspectors, lawyers and all other stakeholders. This takes more than gut feelings, which means you must slow down and think these choices through. Decisions of this order include those with any or all of four criteria: the potential for a bad outcome; a permanent outcome; a binding agreement with someone; and uncertain information. Each requires analysis because of the consequences, such as sending a hotheaded email to a colleague that can’t be taken back, delivering an aircraft that’s not properly repaired, breaking a contract or RFP agreement, or buying expensive advertising space in an unfamiliar publication. Bad choices here can hurt you, your reputation or your shop’s wellbeing. “That’s how you decide how much rigor, and how much attention, you’re going to pay to this decision,” Mooz said. In these cases, choosing alternatives requires actively seeking information. In his list of 10 bases for decisions, doctrines, rules and regulations, properly vetted experts,

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Avionics News December 2012

Table of Contents for the Digital Edition of Avionics News December 2012

Point of Communication
AEA Now
The View From Washington
International News and Regulatory Updates
ADS-B Circa 2013
Member Profile
Family Matters
Remembering Monte R. Mitchell
Before & After
A Conversation With...
History's Caretaker
Pro-to-col
Business Basics
Theory & Practice
AEA Members Make Headlines at NBAA Convention
What's New
Marketplace Classifieds
Avionics News December 2012 - Intro
Avionics News December 2012 - Cover1
Avionics News December 2012 - Cover2
Avionics News December 2012 - 1
Avionics News December 2012 - 2
Avionics News December 2012 - 3
Avionics News December 2012 - Point of Communication
Avionics News December 2012 - 5
Avionics News December 2012 - AEA Now
Avionics News December 2012 - 7
Avionics News December 2012 - 8
Avionics News December 2012 - 9
Avionics News December 2012 - 10
Avionics News December 2012 - 11
Avionics News December 2012 - 12
Avionics News December 2012 - 13
Avionics News December 2012 - The View From Washington
Avionics News December 2012 - 15
Avionics News December 2012 - International News and Regulatory Updates
Avionics News December 2012 - 17
Avionics News December 2012 - 18
Avionics News December 2012 - 19
Avionics News December 2012 - ADS-B Circa 2013
Avionics News December 2012 - 21
Avionics News December 2012 - 22
Avionics News December 2012 - 23
Avionics News December 2012 - Member Profile
Avionics News December 2012 - 25
Avionics News December 2012 - 26
Avionics News December 2012 - 27
Avionics News December 2012 - Family Matters
Avionics News December 2012 - 29
Avionics News December 2012 - 30
Avionics News December 2012 - 31
Avionics News December 2012 - 32
Avionics News December 2012 - 33
Avionics News December 2012 - Remembering Monte R. Mitchell
Avionics News December 2012 - 35
Avionics News December 2012 - 36
Avionics News December 2012 - 37
Avionics News December 2012 - 38
Avionics News December 2012 - Before & After
Avionics News December 2012 - A Conversation With...
Avionics News December 2012 - 41
Avionics News December 2012 - History's Caretaker
Avionics News December 2012 - 43
Avionics News December 2012 - 44
Avionics News December 2012 - 45
Avionics News December 2012 - Pro-to-col
Avionics News December 2012 - 47
Avionics News December 2012 - Business Basics
Avionics News December 2012 - 49
Avionics News December 2012 - 50
Avionics News December 2012 - 51
Avionics News December 2012 - Theory & Practice
Avionics News December 2012 - 53
Avionics News December 2012 - 54
Avionics News December 2012 - 55
Avionics News December 2012 - AEA Members Make Headlines at NBAA Convention
Avionics News December 2012 - 57
Avionics News December 2012 - 58
Avionics News December 2012 - 59
Avionics News December 2012 - 60
Avionics News December 2012 - 61
Avionics News December 2012 - 62
Avionics News December 2012 - 63
Avionics News December 2012 - What's New
Avionics News December 2012 - 65
Avionics News December 2012 - 66
Avionics News December 2012 - 67
Avionics News December 2012 - 68
Avionics News December 2012 - 69
Avionics News December 2012 - Marketplace Classifieds
Avionics News December 2012 - 71
Avionics News December 2012 - 72
Avionics News December 2012 - Cover3
Avionics News December 2012 - Cover4
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