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The four types of questions leaders should be asking

As leaders progress through their organizations, they face a problem as old as the Socratic paradox: they don’t know what they don’t know. It’s an easy trap to fall into because strong leaders ask a lot of questions, but as their role changes the questions they ask need to change as well, but they often don’t.

By Arnaud Chevallier and Frédéric Dalsace

4 min.

May 2021

It’s not enough to simply ask open questions and follow up questions, for leaders to avoid the knowledge trap they need to consider the mix of questions they ask.

IMD Professors of Strategy Arnaud Chevallier and Frédéric Dalsace identified four types of questions that you should be asking based on behavioral science research and interviews with top executives:

productive questions, to pace the decision making,
analytical questions, to address root cause and find granular solutions

creative questions, to fuel innovative thinking and solutions
sensemaking questions, to develop insight and keep momentum

“We think that the types of questions each use is the result of our individual trajectories. In other words, we each grow into asking some questions more than others,” says Chevallier.

“But maybe this path-dependent process can be improved,” says Dalsace. “Have you ever thought about which question you ask and which question you use? What happens if you don’t ask some questions?”.

Successful executives often underutilize at least one type of question causing blind spots that can lead to an incomplete picture. While there is no perfect balance of a questions mix, all leaders should be asking at least some questions from each category. It is therefore important to step back and evaluate whether you are doing this.

The good news is most executives have found that once they evaluated their question mix and identified weak spots, it has been pretty easy to improve upon it, either individually or as a team.

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Case reference: IMD-7-2583 ©2024

Summary

LPX AG, founded in 2004 by Michel Degosciu and Robin Jakob, is a leader in listed alternatives, focusing on listed private equity (LPE) and listed infrastructure. With its pioneering LPX Listed Private Equity Index series and NMX Infrastructure Index series, LPX provides essential benchmarks and innovative index-linked products used globally by asset managers. In February 2024, Michel returns from a skiing holiday, ready for a pivotal business trip to Sydney. He will meet with an investment advisory firm interested in developing new financial products based on LPX’s flagship indices, LPX50 and LPXBO. This meeting is crucial for enhancing LPX’s global market presence. Michel anticipates rigorous scrutiny from the Sydney analysts on the risk metrics and performance of LPE stocks. He plans to present a detailed analysis, showing when LPE stocks excel and underperform, integrating comprehensive risk factors for a nuanced understanding. The LPX50 Index captures the performance of the 50 largest LPE companies worldwide, while the LPXBO Index focuses on buyout strategies. Both indices have demonstrated superior long-term performance compared to the MSCI World Index, though with higher volatility. Michel's analysis reveals that LPX indices offer risk-adjusted returns comparable to the MSCI World Index. Employing the capital asset pricing model (CAPM) and a six-factor model, Michel quantifies the indices’ market risks and performance drivers, showcasing LPX’s sophisticated analytical capabilities. His goal is to demonstrate LPX’s expertise and the compelling investment potential of LPE, aiming to attract global investors and solidify LPX's reputation for future growth.

Reference IMD-7-2583

Organization LPX Group

Industry Finance and Insurance, Financial Services

Available Languages English

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