2/2/2024 0 Comments Unclutter xInstead of continuing to respond to each of these requests, Expedia gave customers access to their itinerary right on the website and through an automated message That added up to 20 million calls a year. The number one reason customers called was that they needed their itinerary re-sent to them. In 2012, leaders at Expedia discovered that for every 100 people who booked a reservation on their site, 58 people needed additional assistance and called their customer service line. Results flow to you when you are taking the day off. Results flow to you while you are sleeping. Results continue to flow to you, whether you put in additional effort or not. With residual results you exert effort once and reap the benefits again and again. Residual results are completely different. What many people don’t realize, however, is that there exists a far better alternative. If you don’t put in the effort today, you don’t get the results today. With linear results, every day you start from zero. McKeown: Our lives change the moment we distinguish between linear results and residual results. Our challenge today is not access to information but how we can connect the dots between information.ĭuncan: In managing the voluminous details of daily living, what role can automation play? But if you also consider the discipline of psychology, you understand that buyers think that a higher price means higher quality and therefore buy more. This does not make sense if you consider only the discipline of economics and its rule of supply and demand. One student of Munger’s, Tren Griffin, gives the following example: A business raises the price of its product, yet sells more of that product. Useless unless they “hang together on a latticework of theory.” Munger believes that by combining learnings from a range of disciplines we produce something that’s greater than the sum of its parts. That’s what Charlie Munger calls, “Worldly wisdom.” Munger, as you know, is vice chairman of Warren Buffett’s Berkshire Hathaway conglomerate. Wisdom is valuable only if you know what to do with it. Knowledge is valuable only if you can turn it into wisdom. ![]() McKeown: Information is valuable only if you can turn it into knowledge. What have you seen to be a good approach to managing the knowledge glut? Of course, a lot of that knowledge has no real value, and even some of the good stuff has a shelf life. The most expensive naval project in Sweden’s history sailed less than a mile before being buried in the sea-all because the king had made the project almost impossible to safely complete by constantly redefining what “done” looked like.ĭuncan: Today we have easy access to more knowledge than at any other time in history. Tragically, it took just 50 minutes for the Vasa to completely sink, taking 53 crew members with it. As the cannons tipped into the sea, water entered through the gunports. In an utterly nonessential addition for a gunship, he asked that 700 ornate sculptures-which would take a team of expert sculptors more than two years to complete-to be attached to the sides, the bulwark, and the transom of the ship.įinally, on August 10, 1628, the Vasa left for its maiden voyage still unfinished and before it had been properly tested. Suddenly, a gust of wind caught the sails of the ship, causing the massive vessel to tilt severely over to one side. He changed the number of cannons from 32 cannons in one row to “36 cannons in 2 rows, plus another 12 small cannons, 48 mortars, and 10 other smaller caliber weapons” and then finally back to 64 large cannons. He changed the ship’s length three times from 108 feet to 135 feet even though the lumber had already been cut. Or rather, he kept changing his vision of what the final product would look like. Unfortunately, the king did not have a clear vision of what the final product would look like.
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