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The resource "How Will You Measure Your Life" has influenced corporate strategies by introducing the concept of Discovery Driven Planning. This approach encourages companies to test their initial projections before making massive investments. It involves compiling a list of assumptions and ranking them in order of importance and uncertainty. The team is then tasked with finding cost-effective ways to quickly validate these critical assumptions. This method helps organizations avoid costly mistakes and ensures that their strategies are based on valid assumptions.
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Management theories not only can be applied to our careers, but also personal lives. Think of them as a resource allocation problem. You have limited...
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Companies invest massive amounts of capital based on initial projections but often don't test whether the initial projections are accurate. Only when the investments are made and the rubber hits the road does the organization realize which assumptions are valid and which ones are mistaken. To avoid this situation, Ian MacMillan and Rita McGrath propose a Discovery Driven Planning approach. Project teams compile a list of assumptions and rank them in order of highest importance and least certainty. Then the team is asked to find cheap ways to quickly validate critical assumptions.
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