Recently a colleague was bemoaning the fact that he had taken a bad decision.
When I questioned him about the decision, and about the outcomes, I formed the view that he had taken a ‘correct’ (or sensible) decision given the information he had available at the time.
As an example, consider the decision to make a bid in a game of bridge or make a move in a game of chess. You make your move based on the experience you have of likely outcomes from the state of the game (or the cards you have been dealt) as it lies when you take the decision. What happens subsequently will then depend on a number of additional factors – including the relative ability of you and your opponent(s). You may lose the game. However, if the same decision has to be made in the future, the likelihood is that you will make it in the same way – unless and until the number of times it turns out to be ‘wrong’ becomes statistically significant.
The same is true in business. You must not confuse the outcome of a decision with the wisdom of the decision you took. You must continue to take decisions based on the information you have available (though you might want to find out more if you can) and the experience you have of similar situations. Then whatever happens, happens. The outcome might not be favourable because of prevailing conditions – or due to plain chance. But the decision was still the correct one.