As a John Maxwell coach, I like to reference his "Law of Timing" from his best selling book, The 21 Irrefutable Laws of Leadership.
Every time a leader makes a move, there are really only four outcomes:
1. The wrong action at the wrong time leads to disaster.
2. The right action at the wrong time brings resistance.
3. The wrong action at the right time is a mistake.
4. The right action at the right time results in success.
As John says, "Good leadership timing requires many things."
Understanding - leaders must have firm grasp on the situation
Maturity - if leaders' motives aren't right, their timing will be off
Confidence - people follow leaders who know what must be done
Decisiveness - wishy-washy leaders create wishy-washy followers
Experience - if leaders don't possess experience, then they need to gain wisdom from others who do possess it
Intuition - timing often depends on intangibles, such as momentum and morale
Preparation - if the conditions aren't right, leaders must create those conditions
Many excellent responses below regarding timeliness, as limited within our physical 3-dimensional world. Yes, it is as 'real' as you construct your story to be.
Here's a bigger picture response, with exponential, consistently improved, measurable results, based on current Quantum Science:
The only 'time' that exists In our inner Truth (read as Universe, UNconscious, higher self, beyond our physical 3 dimensional world) is ... NOW!
That's why we are able to transport ourselves virtually anywhere, past or present, to harness the positive learnings.
And so, all 'decisions' are made, easily and effortlessly, in a flash moment, at the exact right time (= now!) And we are guided by our truth to what serves us best.
Note that all the 'other' activity described by others below, can indeed start to occur (even repeat, nag) - only those whose Conscious and UNconscious are out of alignment.
To do: the key is to decide now to consistently create a more compelling future for yourself and thus for those who matter to you (personal and professional). And the best way is to truly live 24-7 in your Hakalau state (Google it). I've been empowering my VIP clients to harness these guaranteed results for over 35 years. That's right.
How soon now can I be of further service to you, Hitesh?
Extremely crucial! How would you like to be in a position where you could make a huge deal that would set up your company for life but you don't know about it because of the lack of a single report. Or because came an hour after a deal was signed with the wrong company that will ultimately bankrupt your firm?
Crucial. Try to avoid analysis paralysis. Do not let pre-occupations prevent you from making a decision and moving forward. We are all making adjustments to our processes.
It all depends upon the situation and every situation is different. If I am a bomb technician, lives depend upon my ability to make a timely decision and the right decision. But if I run a Private Equity firm, I am going to take more time to evaluate the company(ies) I am looking to invest to ensure the decision is the right choice for my portfolio and my investors. In our instant gratification world, technology has created a vacuum and everyone wants it "right now" and we have made a lot of bad decisions. Just look at American news broadcasters, CNN and Fox News, as examples of what happens when nobody says "stop for a second, are we sure?"
The answer is: It depends.
Take a look at Stephen Covey's Quadrants (strictly Eisenhower's as the late president was the early adopter of this concept): If this decision relates to something urgent, it needs an immediate response, otherwise the decision may be delayed until enough information has been gathered and enough thought has been applied to it. However, delaying the decision too much will lead to a scramble at the last minute.
In answer to your question: Timeliness is critical for urgent decisions but accuracy is more important for non-urgent decisions.
The value in delaying decisions is that a quick decision does not take into consideration all ramifications and could lead to more problems. (A quick decision only solves the immediate problem or the symptoms but not the underlying core issue.
Appropriate timing can be a necessary condition to optimal decision-making, but I cannot think of any situation in which it would be a sufficient condition.
This is an interesting question, it all depends on the context at the time, a quick decision could be exactly what was needed or it could be the worst thing to do, it depends how well informed you are on the topic and how crucial the schedules you are working to.
Decision Making is a strategy in good companies and leading executives. Some decisions are personal and require no input from others (these can be unique ideas but this is not the norm). Most decisions need buy-in from others on the team, consequently the strategy is to engage the other decision participants whether they are direct of indirect stakeholders. Time may be slower but if you want to decision to be roughed up and honed to a strong decision, it takes some time. Other forms of decisions are completed by High Performance Teams where a small team are given a big strategic challenge to resolve and execute strategy, planning, decision and complete execution. This is a very effective approach for large companies who have a cross functional "big issue" to resolve. Food for thought.
Timeliness principle in accounting refers to the need for accounting information to be presented to the users in time to fulfill their decision making needs.
Timeliness of accounting information is highly desirable since information that is presented timely is generally more relevant to users while conversely, delay in provision of information tends to render it less relevant to the decision making needs of the users. Timeliness principle is therefore closely related to the relevance principle.
Timeliness is important to protect the users of accounting information from basing their decisions on outdated information. Imagine the problem that could arise if a company was to issue its financial statements to the public after 12 months of the accounting period. The users of the financial statements, such as potential investors, would probably find it hard to assess whether the present financial circumstances of the company have changed drastically from those reflected in the financial statements
Vital! Imagine your next 'big decision' is worth your entire future. Would you sit back, relax and say "I'll do it tomorrow"? Would you rush in with no thought and say "I'll do it right now" or do you manage your time, find a moment to think, plan, gather your wisdom and form the 'process' towards your life changing decision? In my opinion we need to give ourselves 'Time' to use timeliness for decision-making.
Putting off a decision is in itself a decision. Sometimes it is the correct thing to do, sometimes it isn't. Generally, that's where I start (unless it is trivial enough that it doesn't warrant any further consideration).
IMHO, Competitive advantage is developed when you can offer your the best decision the fastest (as compared to competition or alternatives).
Time is the 4th dimension, especially in business and project management as it is the main factor in project planning all the sequences and milestones are based on time line
Not even sure why you would ask this question - I would have thought it was fairy obvious that it is possibly the most important thing.
Hitesh, Timelines are like action points. or if you like parts of the overall Puzzle relating to the sequence of events.
Let me give you a simple example, and you can decide if it is important or not.
Lets say you are behind a car sitting at the traffic lights. At this stage the lights are red. Then they turn Green. The driver in front decides that there is no rush, He knows that there is a deadline between the lights going red to green. by the time he decides he should move to meet the deadline (ie the light turning red again) The light has already turned back to red. He has missed the deadline.
Well it did't really matter, for him it was not critical. But for you it was, you are now late. and you miss your flight. and have to wait another day before you can fly out, and your weeks schedule is now out of sync.
I hope this helps you to understand the importance of deadlines. They are set there for a reason. you may not see it but by not keeping to it the non compliance could impact seriously on others.
It is said that you need to be at the right time, at the right place and at the right offering.
So, definitely, it is one of the main factor. However, you need to analyse your situation and take a decision on time.. There should not be any moral factor associated with it.
To paraphrase George Patton, a good-enough decision now beats a perfectly analyzed decision after the opportunity has passed. Especially in the internet space, customers won't wait long until they move on to a more responsive alternative. On the other hand, ill-considered decisions can lead to cash drains that small companies cannot endure. Having the feel for which is which is what CEOs get paid for. Successful ones, anyway.
I Ching views time as one of the 3 critical success factors of an event - Space, time, & human. Decision is about making up mind to take on a series cause of actions based on a judgement made about the future pertaining to possible desired outcome(s). The question is asking about the importance of timeliness to decision-making and not relating time to action. here are some reasons for its importance:
1. timelines allow milestones to be created with time intervals
2.timelines allow everything to fall in together at the same time (coordination) - this help planning and directing of decision.
3. timeliness suggest speed of responding - to the event and time given to make decision
4. timeliness is not about how fast or how slow ... it is about how appropriate
5. able to predict 3 critical change points of time greatly improve the quality of decision: (tipping point; shield breaking point; boiling point).
Timeliness is everything, knowing how much time you have to make a decision is a key element and be your word by being on time when you set a date or hour to meet or make a decision.