Luck Skill Judgement
Review the decision making process, as that is the thing which can be controlled. Often the outcome is out of our hands.
Robert Rubin describes the idea in 'In an Uncertain World':
Process v Outcome:
Unfortunately, Washington - the political process and the media - judges decisions based solely on outcomes, not on the quality of the decision making, and makes little allowance for the inevitability of some level of human error. This can easily lead to an undue risk aversion on the part of public officials.
My experience in Washington strongly reinforced my view that good process makes good policy. And a fair, open process is more likely to result in participants buying into decisions with which they may differ.
At Goldman, our decisions...
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