Focus on the big decisions. "As a senior executive, what do you really get paid to do?" he asks. "You get paid to make a small number of high-quality decisions. Your job is not to make thousands of decisions every day.

Good business demands tough decisions based on rigorous analysis and unwavering follow-through. Emotion can't really play a part. The challenge we all face as leaders is to let the feelings churn inside you but then to present a calm exterior, and I learned to do that.

There are basically no companies that have good slow decisions. There are only companies that have good fast decisions.

One of my predecessors is said to have observed that in making his decisions he had to operate like a football quarterback - he could not very well call the next play until he saw how the last play turned out. Well, that may be a good way to run a football team, but in these days it is no way to run a government.

As organizations get larger, there seems to be a tendency to use the heavy-weight Type 1 decision-making process on most decisions, including many Type 2 decisions. The end result of this is slowness, unthoughtful risk aversion, failure to experiment sufficiently, and consequently diminished invention. We'll have to figure out how to fight that tendency.

The great thing about fact-based decisions is that they overrule the hierarchy.