Decision-Making Best Practice 14 – Balanced Use of Knowledge and Experience

It’s the age old question of which is more valuable, knowledge or experience. Those arguing for experience rightfully suggest that ‘the numbers’ can be deceiving and that the nuances of a given circumstance – unaccounted for by broadly applicable models and high-level, quantitative facts – often dictate the best course of action. Those favoring knowledge would argue that no two situations are exactly alike and that the underlying nuanced conditions providing success in the past likely went unrecognized and represent the very differences that will cause an experienced-based decision to go awry. The question is, Who is right? – those favoring knowledge or those favoring experience? Our answer is neither and both. We believe the best decisions are made using a well-proportioned blend of both knowledge and experience.

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