How do mistakes happen?
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We all make mistakes. In fact, that’s how we learn. It’s however extremely important to understand what mistakes are, the different types of mistakes and how they happen so that we can learn from them and prevent them from happening again in the future.
There are 3 main types of mistakes:
Real Mistakes: These happen when we carry out the wrong process
Black-outs: These occur when people forget to do what they would habitually do, as part of a process
Slip-ups: In this situation, the right process is carried out incorrectly.
In addition to the human element, there are additional factors that can cause a mistake to happen. For example, equipment, workplace environment, economic conditions, weather, etc. As a business analyst looking to reduce the number of mistakes made on the job, it’s important to consider all these external factors, which on the surface, may seem not to have anything to do with the mistake that has been made.
When mistakes are made on the job, a systemic approach should be adopted in resolving the problem. Short-term fixes may only result in a ticking time bomb. It’s more effective to examine the system that allowed a mistake to happen than to blame the person who made the mistake.
The financial health of a business is its lifeblood. Every decision, from small operational costs to large-scale investments, hinges on the company's ability to maintain financial stability. In today’s competitive business environment, the ability to make informed financial decisions is more crucial than ever.