I carry around two lists in my head. On one are projects I think are going pretty well. On the other are projects I wish were going better or could have gone better. The latter list is distressing for, like most CEOs, I have always believed that performance is everything. We may not always execute perfectly, but since the market is so competitive and the cost of failure so high, both my training and my experience tell me, we must get as close as possible every time out.

A version of this article appeared in the April 2007 issue of Harvard Business Review.