Del DeVries : Checklist Manifesto

The Checklist Manifesto refers to a philosophical article, Toward a Theory of Medical Fallibility by Samuel Gorovitz and Alasdair MacIntyre (1975): The question they sought to answer was why we fail at what we set out to do in the world. One reason, they observed, is necessary fallibility, some things we want to do are simply beyond our capacity. ... Even enhanced by technology, our physical and mental powers are limited. Gorovitz and MacIntyre thought about deficiencies that lead to failure. Specifically, two deficiencies: ignorance and ineptitude. Ignorance is an error of either not understanding or only partially understanding the world and how it works. Knowledge has not yet available to solve the problem so we fail due to ignorance. Ineptitude occurs where the knowledge exists, yet we fail to apply it correctly This failure could have been prevented if we had correctly applied existing knowledge.

A pilot's checklist - simple, brief, and to the point. Fitting on an index card and including step-by-step checks for each phase of operation: take-off, flight, landing, taxiing. Take a complicated process and not leave the steps to the memory of one person.

Three kinds of problems (Zimmerman and Glouberman):

Simple - using a recipe
Complicated - consist of many different simple problems in series requiring multiple people and timing. Example: rocket to the moon
Complex - unique issues with an uncertain outcome. Example: Raising a child

Checklist for checklists from Atul Gawande

Investing with checklists

Investing example in the book is Mohnish Prabrai. In the money business everyone looks for an edge. If someone is doing well, people pounce like starved hyenas to find out how. Almost every idea for making even slightly more money ... gets sucked up by the giant maw almost instantly. Every idea, that is except one: checklists.

Mohnish Pabrai interviews, information, and some checklist info
- How Mohnish Pabrai Uses Checklists slideshare (PDF version of slides)
- Interview in April 2010 on gurufocus.
- Mohnish Pabrai - Stock Picks on gurufocus
Better Investing based checklists
Other checklist examples
- End of Year Accounting and Reporting Checklist
- Stock valuation Checklist

There are two ways to live: you can live as if nothing is a miracle; you can live as if everything is a miracle.

Albert Einstein

<< | Trail Index | >> HomeLinks