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| Paydays, Maydays and Judgement Days | | Print | |
| Written by Noric Dilanchian | STRATEGY | |||||||||||||||||||
| Friday, 27 July 2007 | |||||||||||||||||||
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You hear of a great idea taking off with its backers cashing in on a payday, and
you scold yourself: "Why didn't I do that, I knew how to do it!" On
another day you hear of a venture going terribly sour, heading into a Mayday, or having a negative judgment day. You count
yourself lucky thinking: "Why didn't they see it coming!"
Business requires decision making. Perfect knowledge is not attainable. Judgment calls are often required.
You can improve your results in business decision making by observing business journeys taken by others to paydays, Maydays and judgment days. We'll close with a definition of "codified knowledge" to highlight impediments to overcome in decision making.
The above events are all the results of decisions made by lawyers and other people in business. The quality of the decisions helps determine whether they are about paydays, Maydays or favourable judgment days.
Codified knowledge and its impediments
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Definition of codified knowledge
Codified knowledge is recorded data, information or knowledge. Because it is codified, it is more easily defined, collated and transferred and under intellectual property law it is generally protectable. Yet even with codification, perfect knowledge is unattainable due to the following impediments:
Additional impediments arise from corrupt data; gaps in information and knowledge flows; deception achieved by using omission, generality, timing, information dribbling, information overload, rumour, and big lie tactics. |
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Photo credits:
- First photo - Payday in Persepolis. "Armenian tribute bearer, relief sculpture on the stairway leading to the Apadana of Darius at Persepolis, Iran, Achaemenian period, late 5th century BC". Souce: Britannica.
- Second photo (by the author) - Mayday in Rome. These four Roman emperors (Diocletian, Maximian, Constantius I and Galerius) ruled the four corners of the Roman Empire together from the late 3rd century AD. It was a time when more decision making heads was better than one. The porphyry statue is originally from Syria, it is fixed on a corner of Saint Mark's Cathedral, Venice.
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Want free initial legal advice?
Let's talk about your intellectual property, commercialisation and business law needs. Call Noric Dilanchian of Dilanchian Lawyers & Consultants: Tel (+61 2) 9269 0229. After hours send an email or better still an Enquiry Form. We'll reply with a costed proposal. FAQ | What we do | Testimonials
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