You are the leader of a new-product development project. Your team has worked hard on developing a third-generation product that incorporates new technology and meets customer demands. The project is roughly 50 percent complete. You have just received a report from the Marketing Department detailing a similar product that is about to be released by a competitor. The product appears to utilize radical new design principles that expand the functionality of the product. This poses a serious threat to the success of your project. Top management is considering canceling your project and starting over again. They want you to make a recommendation.
Assume that you have the following decision-making options:
- (1) make the decision on your own with available information,
- (2) consult others before making a decision, and
- (3) call a meeting and reach a consensus, seeking to arrive at a final decision everyone can agree on.
Which approach would you use to make the decision, and why?