Inconsistent Decision-Making: What's All the Noise About?

The latest book by Daniel Kahneman, Olivier Sibony and Cass Sunstein has yet to be released, but the talk about Noise is well underway. Interviews, reviews, and essays have been making the rounds. A lot of ground has been covered. The reports go well beyond discussing the concept of noise, how it differs from bias, why this difference matter -- and how it all ties in with decision-making. Noise, defined as random errors caused by inconsistent decision-making, is said to cost organizations a lot of money. And, if accurate, the dollar amounts tossed around do sound quite alarming.