We all make decisions everyday and some are more important than others. When important decisions need to be made, it helps to have a system. This can increase the chances of making the right decision and avoid costly mistakes.
Take the case where the British government was concerned about the large numbers of poisonous cobras in Delhi, India. They offered a cash reward for each dead cobra. Initially, this solution worked well. Soon enterprising people began to breed a large number of snakes for a living. Once the government became aware of this practice, the rewards program was abandoned. Cobra breeders have released their now worthless snakes into the wild and the snake population has increased beyond original numbers. The term “cobra effect” is now used to describe situations where …
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- Headline: Tip of the week: the decision system | Business News
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