The shit happens principle

Even if the odds are very much in our favour, we can still lose. But businesses should still take the risk...

by Alastair Dryburgh

Pick a card, any card... Bet £1 on red or black and I'll pay you £5 if you're correct. I tell you I've taken six of the black cards out of the deck, so naturally you bet on red. Too bad: you drew a black card.

Did you make a bad decision? Of course not. You made the best one you could have in the situation.

Social scientists who study risk perception describe this principle as 'If you did the right thing then, you have done the right thing now.' Or, more colloquially, as the 'shit happens principle'.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here

Email: mtsupport@haymarket.com

Call: 020 8267 8121

Register

FREE

  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Become a subscriber

From £66 a quarter

  • Full access to managementtoday.co.uk
  • Exclusive event discounts
  • Management Today's print magazine
  • Plus lots more, including our State of the Industry Report.

Choose a Package