Implementation scientists: A new role for the board of directors

It is widely acknowledged that boards of directors have some responsibility to engage in strategy, but there is little consensus as to what that engagement looks like. Rarely is it suggested, however, that the board of directors has a role to play in strategy implementation. We disagree. We propose that boards of directors should approach implementation as scientists testing the theory of a strategy. We discuss the idea of the “Bayesian Board,” wherein the board governs the implementation of firm strategy by focusing on the probabilities of success and how new evidence alters those probabilities. A Bayesian approach to strategy implementation is an imperative for boards if they are to contribute at all to a culture of experimentation and learning.