Certainty is a very essential element in a business environment. Business risk is determined by the amount of information available and the level of confidence. Uncertainty defines the risk involves and the less information available on the market. Businesses relies on available information available on risks to make decisions in all aspects.
In many situations, my company has suffered setbacks and loss because of decisions made with limited information. The most notable instance is when one of my equipment broke down. I had bought the item from an online store and had no idea about after sales services. Therefore, I had no information whether there was customer service for the equipment. By the time the item broke down, I had many orders from clients with a strict deadline. I immediately ordered a new equipment from the online store that got delivered to my workshop in 24 hours. When the item was delivered, I asked about customer service. The supplier directed me to customer service center just a street away. I purchased another item just because I was not informed of the available customer services and uncertain whether the machine could be repaired.
To address information asymmetry, I will review past failures and address the information gap. The issue at hand should be well framed and gather relevant information. Based on the maximum information, select the best option among the alternatives and make the decision. The decision reached should be implemented and impact assessed. Such changes will improve my future decision by framing the issue and gathering as much information as I can