Board Members Using Pareto Analysis

The 80/20 Rule: Solving Board Problems with Pareto Analysis

The 80/20 Rule (also known as the “Pareto Principle”) is an incredibly useful tool for prioritization in problem-solving. Let’s pause for a brief second: it’s important to note up front that we are not exaggerating here. Yes, the steps to Pareto analysis are complicated. But we’ve walked you through a lot of decision-making and problem-solving tools before. We can confidently say that Pareto analysis is one of the most powerful tools boards can use to make strategic, well-informed decisions (second only to Directorpoint’s board management software, of course).

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Fishbone Diagrams in Board Decisions

Fishbone diagrams, also known as “Ishikawa diagrams”, were conceived by organizational theorist Dr. Kaoru Ishikawa in the 1920’s. Today, they’re used in the analysis phase of SixSigma’s DMAIC problem-solving method. The diagrams focus on identifying the “root cause” of an “effect” (an issue or problem).

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Comparing Delphi and NGT Decision Techniques

Two of the most popular tools for evaluating and prioritizing ideas are the Delphi Technique and the Nominal Group Technique (NGT). But, do enough research on decision-making strategies and they all start to blur together. Let’s take a closer look at how each technique works, and when they’re best used.

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Multivoting Technique

Multivoting is a technique used to narrow down and prioritize a large list of ideas. Multivoting can be helpful in determining which ideas to pursue at the end of a brainstorming session. This technique is sometimes known as the N/3 technique. The instructions for performing this technique vary by the source, so we’ve put together an amalgam of everything we could find. Continue reading
board software communication

Board Software Communication Vs. Emailing Board Documents

These days, most boards are making the choice to go paperless. While some opt for centralized communication through the use of board software, others have simply stuck to email for their needs.

In fact, according to a 2014 Thomson-Reuters study, approximately 43% of boards were still emailing their sensitive board documents.

While email prevents added costs to board operations, it also poses many potential downfalls and risks.

Email isn’t secure.

You’ve seen the headlines. Email hacks are a dime a dozen these days. Not long ago, we wrote a blog about the infamous Salesforce leak, which originated with an email from Colin Powell.

Because they sent their board documents via email, their hypothetical plans for 14 different company acquisitions became public knowledge.

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