The Importance of Tracking Performance

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

More and more companies these days are improving their performance overall. Gruschka-Kakein believes that further improvement lies in a stronger embrace of no surprise here, data. Tracking performance and tracking historical plans and actuals is the fundamental first step in overcoming the planning fallacy.

Whether it’s a giant infrastructure plan or a humble kitchen renovation, it’ll inevitably take way too long and cost way too much. That’s because you suffer from “the planning fallacy.” (You also have an “optimism bias” and a bad case of overconfidence.) But don’t worry: we’ve got the solution.