Making sound decisions is not just something that comes with luck—it takes practice and intelligence to make the best decisions possible. As this article by Mike Myatt explains, leaders fail because “[t]hey make poor choices that lead to bad decisions.” So how do leaders avoid making bad decisions? Well, it comes down to following a few possible ways to make decisions: gut instinct, data, information, and knowledge.
While those two in the middle might seem like the same thing, they are quite different: data is comprised of disparate facts and statistics. Information is a complete data set (which has evolved from data).