At the Information Management blog, author Steve Miller comments on the Wall Street Journal article in which Rita McGrath and Ian MacMillan were interviewed about discovery-driven growth.
“I like the concept of discovery-driven planning a lot. It seems a reasonable compromise between pure planning and searching, combining the ‘theory-building’ strengths of traditional strategic planning with the continuous review and show-me intelligence of directed searching. In a way, it’s akin to the Bayesian model of learning: Start with the assumptions and hypotheses — the priors and likelihood functions, respectively. Adapt those beliefs as new information is gathered, reacting to the strength of evidence. The evolving beliefs or posteriors are derived from the priors and the likelihood functions, providing for a continuous cycle of learn as you go, where the priors for the next iteration are posteriors from the last.”
To read the entire post, click here.