FOBO in the Business World
The parallels with business are clear.
Systems are dynamic and environments change rapidly. Planning cycles have become shorter. What you want today, you probably won’t want next month, because your needs or expectations have altered. We’re encouraged to be agile in our approach and flexible in attitude, but that doesn't mean that you shouldn't make the best decision that you can based on facts as they are right now.
This is the reality of life and we may not be comfortable with it.
Repeatedly challenging decisions can be wearing, and may undermine those people that have made them. Continually having to justify your decision, that you made on good information at the point it was made, can become time-consuming and unproductive for organizations.
So, delaying the decision may be a very seductive proposition for managers – “What if there’s something better that we could do, what if there’s a better portfolio, what if there’s a unicorn just around the next rainbow, carrying a bag of gold and wearing a garland of four-leafed clovers…?”
So, how do we approach this within a Project Portfolio Management (PPM) framework?