consequence, consequential, no harm, no foul

Why Brexit is likely to be one of the most consequential events for America and the world since the end of the Cold War.

Working paper: No Harm, No Foul—The Outcome Bias in Ethical Judgments

http://hbswk.hbs.edu/item/5893.htmlDownload the PDF. Too often, workers are evaluated based on results rather than on the quality of the decision. Given that most consequential business decisions involve some uncertainty, the upshot is that organizations wind up rewarding luck rather than wisdom. From a rational decision-making perspective, people's decisions should be evaluated based on the information the decision maker had available to him or her at the time, and not based on the ultimate results. This paper by HBS professor Max Bazerman and colleagues tests predictions about this effect, known as the outcome bias.

consequence,  consequential
There are distinct consequences to this new age of “Instant Information.”





"For the Alsops, the Wisners, and the Grahams, it was the beginning of a long, tumultuous, and consequential friendship."
--from THE GEORGETOWN SET: Friends and Rivals in Cold War Washington by Gregg Herken


consequence Show phonetics
noun [C]
an often bad or inconvenient result of a particular action or situation:
Not making a will can have serious consequences for the people you might wish to benefit.
Scientists think it unlikely that any species will actually become extinct as a consequence of the oil spill.
I told the hairdresser to do what she wanted to my hair, and look at the consequences!
Well, if you insist on eating so much, you'll have to suffer/take (= accept and deal with) the consequences!

consequent Show phonetics
adjective (ALSO consequential)
happening as a result of something:
Our use of harmful chemicals and the consequent damage to the environment is a very serious matter.

consequently Show phonetics
adverb
as a result:
I spent most of my money in the first week and consequently had very little to eat by the end of the holiday.

consequential
kɒnsɪˈkwɛnʃ(ə)l/
adjective

1. 1.

   following as a result or effect.

   "a loss of confidence and a consequential withdrawal of funds"

   
   
2. 2.

   important; significant.

   "the new congress lacked consequential leaders"
3. 
   

no harm, no foul

there is no problem if no serious damage was done. In his excitement, he deleted all the files, but they were restored later from a backup copy — no harm, no foul.

Etymology: from the use of this phrase in basketball (= a sport) to say that if an action that is against the rules has no effect on the results of the game, there should be no foul (= punishment)