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Effective Decision Making in a Life Company

Published online by Cambridge University Press:  10 June 2011

M. Iqbal
M. Iqbal
Affiliation:
Deloitte MCS Ltd, Horizon House, 28 Upper High Street, Epsom KT17 4RS, U.K. Tel: +44 (0)1372-824094; E-mail: iiqbal@deloitte.co.uk and IckiIqbal@yahoo.co.uk
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Abstract

In the recent past life companies have made many decisions which they have had cause to deeply regret. This paper looks at the range of decision making theories available. It then examines recent examples of decisions that had unfavourable consequences and explores why they were taken, and goes on to describe a systematic approach to decision making which can help management assess more objectively the difficult choices confronting them today. The approach does not require espousal of any specific decision theory or method of value measurement. The focus is on the decision making process and the organisation's capacity to handle change. The paper identifies the three requirements for effective decision making.

Keywords

Decision MakingAttitude to RiskAccounting StandardsMeasures for SuccessManagement by InequalitiesResource Management
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 11 , Issue 1 , 01 April 2005 , pp. 133 - 166
Copyright
Copyright © Institute and Faculty of Actuaries 2005

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