Just read Stowe Boyd on ‘Decisions’ (scroll down to the second article). An interesting read, to which I would add that one problem with assessing good-v-bad decisions, is that we justify retrospectively based on outcome.
We would never say that driving home drunk is a good decision, but the outcome of getting home with no incident reinforces the thought that one should do it again because there was no bad outcome. In fact if you consistently do it - the reinforcement just grows.
Strikes me that much management practice is based on this same kind of thinking.
This also relates in some ways to the work of Simon Wardley.