In one of my previous posts I touched the subject of Consistency going too far. In other words, being committed to one decision despite available proof that it was (and is) a bad decision. In a book I am reading now, “Judgment In Managerial Decision Making” by Max H. Bazerman and Don A. Moore; I have found the following passage: “…as a manager, you should make a decision and implement it, but be open to dropping your commitment and shifting to another course of action if the first plan does not work out. This means constantly re-assessing the rationality of future commitments and learning to identify failures early (p112).” This sentence applies to anything: investments made, where you lost money and think about adding some more; having judged someone badly once and never-changing your mind despite abundant evidence; sticking to bad people decisions just because we hired them etc etc.
Someone may say, that it is impossible to look out for consequences of all decisions we made as managers and he will be right. But that does not free us from our responsibility to re-assessing our rationality for at least some of them. It is what one would expect from a leader.