The Design step involves assessing the resources (collections of value) we have and can put to use. Resources include: knowledge, skills and abilities, personal contacts, physical assets, financial resources and more. Then we combine our available resources to create possible experiments. In the Design step our goal is to come up with lots of options for the future.
Step 2: Decide
The Decide step helps us to figure out our priority, meaning the experiment we want to do next. It also helps us to understand what experiments we may want to do later, share the risks and rewards for, and not do at all. We Decide by evaluating the meaning (expected value) of an experiment along with its affordability (potential loss). This helps us to move forward with confidence.
Step 3: De-Risk
Once we've decided to do a particular experiment, we De-Risk it by doing our best to prepare for the worst. We ask "What could go wrong?" and then figure out how to prepare for these challenges. This may involve gaining additional knowledge or taking on a partner, for example. De-Risk is a critical step that increases the likelihood of a positive outcome.
Step 4: Deliver
We Deliver the experiment by doing it and collecting the resulting resources. If we've followed the first three steps of a Smart Experiment, then Deliver is straightforward (since we've already determined that we have the necessary resources and are well prepared). Don't forget to collect the resulting resources before doing your next Smart Experiment!