Download or read book Overcoming Cognitive Biases in Strategic Management and Decision Making written by Siniksaran, Enis and published by IGI Global. This book was released on 2024-02-12 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: The persistent presence of cognitive biases has influenced rational decisions and strategic management since the 1970s. These prejudiced errors in judgment, often systematic and predictable, breach the foundational assumptions of economic theory, leading to dire consequences such as social inequality, financial collapse, and governmental inefficiency. Even the brightest minds are not immune, making it crucial to address these biases head-on. Overcoming Cognitive Biases in Strategic Management and Decision Making unravels the complex tapestry of biases that infiltrate decision-making processes at all levels. From social injustice biases and reasoning errors to action-inaction and social biases, the book confronts the myriad of ways that biases manifest in critical moments. These pose a significant threat to sound decision-making in various fields, impacting professionals ranging from judges and doctors to public officials. The repercussions of unchecked biases are far-reaching, leading to flawed outcomes that echo through society. The urgent need for a strategic response to mitigate these biases and enhance decision-making processes forms the crux of the problem this book seeks to address.

Download or read book Cognitive Biases and Debiasing in Strategic Decision Making written by Christian Muntwiler and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cognitive biases and their impact on decision making in general and specifically on strategic decision making have been recognized in psychological and management-related research over a long period. The vast research on this topic has unveiled more than 180 such potential flaws of decisions. The goal of this dissertation is to develop a better understanding of the role of cognitive biases in strategic decisions, how to detect and identify them and how to mitigate their influence in strategic decision practices. The articles of this dissertation provide four major contributions to the theoretical and practical knowledge on cognitive biases in strategic decision making: 1) This dissertation adds a mapping of more than 180 known cognitive biases based on the five phases of strategic decision-making processes and the three motivational backgrounds of cognitive biases. This mapping helps managers and other strategic decision makers to identify "what can go wrong" during their decision-making processes and allow them to recognize and anticipate these flaws, diagnose them, and take a next step towards a corrective intervention. 2) This dissertation shows for the first time the connection between the most prevalent cognitive biases, bias blind spots, and individual decision styles of managers. The resulting ranking of cognitive biases helps practitioners to focus on the "tip of the iceberg" and focus their corrective interventions on the most prevalent and impactful biases. The insights showed that rational and spontaneous decision makers report a smaller susceptibility for cognitive biases combined with bigger bias blind spots than other decision styles, and that intuitive decision makers have a higher awareness of their own bias susceptibility without showing bigger bias blind spots. 3) This dissertation integrates a more practice-oriented view of understanding (and communicating) debiasing techniques. This more practice-oriented understanding of debiasing techniques and the "know how" and where they might work supports the successful facilitation of decision-making practices in strategy. 4) And finally, this dissertation shows the relevance of the illusion of explanatory depth for strategic decisions. The results of these experiments demonstrate the need for a certain humility of managers concerning their knowledge of strategy-relevant digital technologies and that the technique of self-drawn, visual, explanations might help to overcome the individual overestimation of that knowledge.

Download or read book MBA Model Cognitive biases in decision making written by Thomas Schmid and published by GRIN Verlag. This book was released on 2021-07-21 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2020 in the subject Business economics - Miscellaneous, grade: 1,7, University of Applied Sciences Constanze, language: English, abstract: Human's mind cannot grasp the causes of events in their completeness, but the desire to find those causes is implanted in man's soul. And without considering the multiplicity and complex-ity of the conditions any one of which taken separately may seem to be the cause, he snatches at the first approximation to a cause that seems to him intelligible and says: "This is the cause!". There are many models and frameworks in use in the business world today, and it is hard to keep track of them all. The MBA Model is designed to provide people with a broad groundling in all the key aspects of business. It is a simplified version of something more complex – it helps to understand a specific phenomenon by identifying its key elements. Management is the art of getting work done through others. It involves marshalling a set of resources to achieve desired objectives. Managers make decisions about allocating people and money in an effective way. There are many analytical tools to help decision making, including decision trees and net present value analysis. Most decision making is not as rational as we might expect it to be. Cognitive biases in decision making discusses why people often make snap judgements that are flawed, and how effective managers can overcome these biases to make better decisions. The following work is based on the theoretical foundations of the MBA model (25 need-to-know MBA models, Birkinshaw, 2017). After clarifying the basics in Part 1, examples of Cognitive Biases will follow. In the end of the Scientific Report the Management failure traced back to cognitive bias get explained.

Download or read book The Role of Cognitive Biases in Strategic Decision Making and Ways to Avoid Them written by Andrew Joseph Orgovan and published by . This book was released on 1992 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book You re About to Make a Terrible Mistake written by Olivier Sibony and published by Little, Brown Spark. This book was released on 2020-07-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover nine common business decision-making traps -- and learn practical tools for avoiding them -- in this "masterful," research-based guide from a professor of strategic thinking. (Daniel Kahneman, author of Thinking, Fast and Slow) We all make decisions all the time. It's so natural that we hardly stop to think about it. Yet even the smartest and most experienced among us make frequent and predictable errors. So, what makes a good decision? Should we trust our intuitions, and if so, when? How can we avoid being tripped up by cognitive biases when we are not even aware of them? In You're About to Make a Terrible Mistake!, strategy professor and management consultant Olivier Sibony draws on dozens of fascinating and engaging case studies to show how cognitive biases routinely lead all of us -- including even the most renowned business titans -- into nine common decision-making traps. But instead of rehashing the same old "debiasing" techniques that fail managers time and again, Sibony explains that the best way to avoid the pitfalls of cognitive bias is to craft an effective decision-making architecture in your organization -- a system of techniques and processes that leverage collective intelligence to help leaders make the best decisions possible -- and provides 40 concrete methods for doing so. Distinctive in the clarity and practicality of its message, You're About to Make a Terrible Mistake! distills the latest developments in behavioral economics and cognitive psychology into actionable tools for making smart, effective decisions in business and beyond. "Succinct, accurate, and even-handed. I loved it!" (Angela Duckworth, bestselling author of Grit) "The best, funniest, most useful guide to cognitive bias in business. If you make decisions, you need to read this book." (Safi Bahcall, bestselling author of Loonshots)

Download or read book Cognitive Biases and Strategic Decision Processes written by T. K. Das and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous studies have not adequately addressed the role of cognitive biases in strategic decision processes. In this article we suggest that cognitive biases are systematically associated with strategic decision processes. Different decision processes tend to accentuate particular types of cognitive bias. We develop an integrative framework to explore the presence of four basic types of cognitive bias under five different modes of decision making. The cognitive biases include prior hypotheses and focusing on limited targets, exposure to limited alternatives, insensitivity to outcome probabilities and illusion of manageability. The five modes of strategic decision making are rational, avoidance, logical incrementalist, political and garbage can. We suggest a number of key propositions to facilitate empirical testing of the various contingent relationships implicit in the framework. Lastly, we discuss the implications of this framework for research and managerial practice.

Download or read book Clockspeed written by Charles H. Fine and published by ReadHowYouWant.com. This book was released on 2010-10-08 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: In business today, all advantage is temporary. In order to survive-let alone thrive-companies must be able to anticipate and adapt to change, or face rapid, brutal extinction. In Clock speed, Charles Fine draws on a decades worth of research at M.I.T.s Sloan School of Management to introduce a new vocabulary for understanding the forces of competition and making strategic decisions that will determine the destiny of your company, as well as your industry. Taking inspiration from the world of biology, Fine argues that each industry has its own evolutionary life cycle (or ''clock speed''), measured by the rate at which it introduces new products, processes, and organizational structures. Just as geneticists study the fruit fly to gain insight into the evolutionary paths of all animals, managers in any industry can learn from the industrial fruit flies-such as Internet services, personal computers, and multimedia entertainment-which evolve through new generations at breakneck speed. Applying the lessons of the fruit flies to industries as diverse as bicycles, pharmaceuticals, and semiconductors, Fine illustrates how competitive advantage is lost or gained by how well a company manages dynamic web of relationships that run throughout its chain of suppliers, distributors, and alliance partners. Packed with revolutionary concepts and tools to help managers make key strategic decisions that affect current and future performance, Clock speed shows, as no other book before it, how the ultimate core competency is mastering the art of supply chain design, carefully choosing which components and capabilities to keep in-house and which to purchase from outside.

Download or read book Cognitive Biases in Strategic Decision Making written by Lowell W. Busenitz and published by . This book was released on 1992 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Analyzing the Role of Cognitive Biases in the Decision Making Process written by Juárez Ramos, Verónica and published by IGI Global. This book was released on 2018-11-16 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision making or making judgments is an essential function in the ordinary life of any individual. Decisions can often be made easily, but sometimes, it can be difficult due to conflict, uncertainty, or ambiguity of the variables required to make the decision. As human beings, we constantly have to decide between different activities such as occupational, recreational, political, economic, etc. These decisions can be transcendental or inconsequential. Analyzing the Role of Cognitive Biases in the Decision-Making Process presents comprehensive research focusing on cognitive shortcuts in the decision-making process. While highlighting topics including jumping to conclusion bias, personality traits, and theoretical models, this book is ideally designed for mental health professionals, psychologists, sociologists, managers, academicians, researchers, and upper-level students seeking current research on cognitive biases that affect individual decision making in daily life.

Download or read book How to Improve Your Decision Making Skills written by Minghai Zheng and published by Independently Published. This book was released on 2023-07-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. Are you tired of making poor decisions and struggling with the consequences? 'How to Improve Your Decision Making Skills' is a must-read book for anyone looking to make better decisions and achieve better outcomes. #DecisionMakingSkills #BetterOutcomes #Success 2. Discover the smart techniques for making effective decisions in any situation, from personal to professional. This book provides insights into how to assess risks, gather information, evaluate options, and make confident choices. #EffectiveDecisions #RiskAssessment #OptionEvaluation 3. Find out how to overcome common biases and blind spots that can cloud your judgment. 'How to Improve Your Decision Making Skills' offers advice on recognizing and addressing cognitive biases, and using critical thinking skills to make better decisions. #CognitiveBiases #CriticalThinkingSkills #JudgmentImprovement 4. Explore ways to balance intuition and data-driven approaches to decision making. This book provides guidance on when to trust your gut, and when to rely on objective data and analysis. #Intuition #DataAnalysis #BalancedDecisionMaking 5. Discover how to handle high-pressure situations and make decisions under uncertainty. 'How to Improve Your Decision Making Skills' provides insights into how to manage emotions, reduce stress, and maintain focus when making critical choices. #HighPressureDecisions #StressManagement #Focus Decisions are an inevitable part of life. From small, everyday choices to major life-changing decisions, the ability to make effective decisions is crucial for success in both personal and professional pursuits. Yet, decision making can be challenging as it involves sifting through information, weighing options, and considering the potential consequences of different choices. This book, "How to Improve Your Decision Making Skills: Smart Techniques for Better Outcomes", is a comprehensive guide to helping individuals improve their decision-making abilities. With proven strategies and techniques, this book provides practical advice for making better decisions in all areas of life. Whether you're looking to become a better leader, manage risk more effectively, or simply make smarter decisions in your personal life, this book offers valuable insights and actionable steps to help you improve your decision-making abilities. The book covers a range of topics, including different types of decision making, the decision-making process, data-driven decision making, collaborative decision making, emotional and intuitive decision making, strategic decision making, risk management, overcoming decision-making biases, and more. By reading this book, you will learn how to recognize and overcome common decision-making biases, use data and analysis to make informed decisions, collaborate effectively with others, and make strategic decisions that align with organizational goals and objectives. We hope that this book will be a valuable resource for anyone looking to improve their decision-making skills and achieve better outcomes in all areas of life. MingHai Zheng is the founder of zhengpublishing.com and lives in Wuhan, China. His main publishing areas are business, management, self-help, computers and other emerging foreword fields.

Download or read book Cognitive Bias in Strategic Decision making written by Charles R. Schwenk and published by . This book was released on 1982 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Cultural Influences on the Process of Strategic Management written by Andreas Michael Schühly and published by Springer Nature. This book was released on 2022-01-01 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique book is positioned at the crossroads of strategic management and international business. Based on an in-depth literature review, the author empirically assesses the widely shared, implicit assumption that strategic management processes can be globally applied in a standardized, i.e., culture-free, manner. So far, a variety of tools have also been recommended but without incorporating cultural differences. As many organizations observe that this ethnocentric view is more an illusion than reality, strategic management research has started to focus on the cultural sensitivity of its theories, tools, and processes to provide practitioners in a multicultural setting with adequate know-how and tools. To foster long-term decision-making despite uncertainty, scenario planning is frequently applied by practitioners. Up until today, scenario planning has however gained little attention from the academic community. Through this book, the author presents a newly developed framework for strategic management that combines the cultural value scale to test the cultural sensitivity of the long-term planning tool called “scenario planning.” The different process steps of scenario planning have been individually examined for their sensitivity toward the cultural dimensions of uncertainty avoidance and long-term orientation. The investigation is based on a unique, global set of management consultants working for a leading professional service firm. The results of this research show the cultural sensitivity of scenario planning, with different degrees of the process steps and the tested cultural dimensions.

Download or read book Noise written by Daniel Kahneman and published by Little, Brown. This book was released on 2021-05-18 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize-winning author of Thinking, Fast and Slow and the coauthor of Nudge, a revolutionary exploration of why people make bad judgments and how to make better ones—"a tour de force” (New York Times). Imagine that two doctors in the same city give different diagnoses to identical patients—or that two judges in the same courthouse give markedly different sentences to people who have committed the same crime. Suppose that different interviewers at the same firm make different decisions about indistinguishable job applicants—or that when a company is handling customer complaints, the resolution depends on who happens to answer the phone. Now imagine that the same doctor, the same judge, the same interviewer, or the same customer service agent makes different decisions depending on whether it is morning or afternoon, or Monday rather than Wednesday. These are examples of noise: variability in judgments that should be identical. In Noise, Daniel Kahneman, Olivier Sibony, and Cass R. Sunstein show the detrimental effects of noise in many fields, including medicine, law, economic forecasting, forensic science, bail, child protection, strategy, performance reviews, and personnel selection. Wherever there is judgment, there is noise. Yet, most of the time, individuals and organizations alike are unaware of it. They neglect noise. With a few simple remedies, people can reduce both noise and bias, and so make far better decisions. Packed with original ideas, and offering the same kinds of research-based insights that made Thinking, Fast and Slow and Nudge groundbreaking New York Times bestsellers, Noise explains how and why humans are so susceptible to noise in judgment—and what we can do about it.

Download or read book Success in Decision Making How Your Personality Affects Your Small Business written by Hernán Cornejo and published by Hernán Cornejo. This book was released on 2024-07-21 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Success in Decision-Making: How Your Personality Affects Your Small Business?" is an essential guide for small business owners, managers, and entrepreneurs who seek to harness the power of decision-making psychology to achieve success. This groundbreaking book delves into the intricate ways in which personal traits, cognitive biases, and emotional intelligence impact business decisions, providing practical strategies to leverage these insights for enhanced performance and growth. In today’s competitive business environment, understanding how personality influences decision-making is not just a luxury but a necessity. This book offers a comprehensive exploration of how various personality traits—such as risk tolerance, assertiveness, and stress management—affect strategic choices and business outcomes. Through a blend of cutting-edge research, real-world case studies, and actionable advice, readers will discover how to align their personal characteristics with their business goals to optimize decision-making processes and drive success. The book is structured to provide readers with a deep understanding of the psychological factors at play in business decisions. It begins with an insightful introduction that sets the stage for exploring the intersection of personality and decision-making. Subsequent chapters delve into key concepts, including cognitive biases, emotional intelligence, and the role of personal values in shaping business strategies. One of the standout features of this book is its focus on practical application. Each chapter is enriched with case studies and examples that illustrate how various personality traits influence decision-making in real business scenarios. From overcoming common cognitive biases to harnessing the power of emotional intelligence, readers will gain valuable insights into how to apply these principles to their own businesses. The book also provides a detailed analysis of emerging trends and technologies in decision-making psychology. It explores how advancements such as data-driven decision-making, AI, and behavioral insights are transforming the business landscape. By understanding these trends, readers will be better equipped to navigate the complexities of modern business and leverage new tools and approaches to their advantage. In addition to its in-depth analysis and practical advice, the book offers a range of recommendations for executives and business leaders. These actionable insights are designed to help readers enhance their decision-making skills, build stronger teams, and foster a more effective business environment. The recommendations are based on extensive research and real-world experiences, providing a solid foundation for making informed and impactful decisions. "Success in Decision-Making: How Your Personality Affects Your Small Business?" is more than just a guide to decision-making; it is a roadmap to personal and professional growth. By understanding and leveraging the ways in which personality traits influence business decisions, readers can unlock new opportunities for success and achieve their business objectives with greater efficiency and confidence. This book is an invaluable resource for anyone looking to gain a deeper understanding of the psychological aspects of decision-making and how they impact business success. Whether you are a seasoned entrepreneur or just starting out, "Success in Decision-Making" provides the tools, insights, and strategies needed to make smarter decisions and drive your business forward. Embrace the power of decision-making psychology and transform your small business with the expert guidance of Hernán Cornejo.

Download or read book Beating Biases written by Henry Priest and published by . This book was released on 2019-10-20 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Biased BrainMan is a 'Rational Animal'. Right? Wrong! Research in economics and psychology has shown that human beings are systematically biased. They misjudge situations in fairly regular patterns. In the urgency of the existential pursuit we often deploy shortcuts and fall prey to errors of judgment.Stronger Biases and Weaker Biases?These shortcuts and errors of judgment, known as heuristics and biases, affect all of us. Some of them occur frequently and better known. Others occur less frequently and are lesser known. But their effect is the same - to impair our judgment when they occur.Knowing is Half the Battle WonThe financial crisis of the 2000s brought cognitive biases to common knowledge. Many of us know the most frequently occurring cognitive biases. But what about the less frequently occurring ones? Knowing them can prime us to identify them faster and plan an intervention. As they say 'know thy enemy'. Know Thy EnemyThis compilation presents 101 less frequently occurring biases and heuristics. Understanding how they work (Bias-in-Action) can help avoid these biases, and at times even use their presence in our competitors to our advantage.Read on....

Download or read book Evidence Based Decision Making written by Andrew D. Banasiewicz and published by Routledge. This book was released on 2019-03-04 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence-Based Decision-Making: How to Leverage Available Data and Avoid Cognitive Biases examines how a wide range of factual evidence, primarily derived from a variety of data available to organizations, can be used to improve the quality of business decision-making, by helping decision makers circumvent the various cognitive biases that adversely impact how we all think. The book is built on the following premise: During the past decade, the new ‘data world’ emerged, in which the rush to develop competencies around business analytics and data science can be characterized as nothing less than the new commercial arms race. The ever-expanding volume and variety of data are well known, as are the great advances in data processing/analytics, data visualization, and related information production-focused capabilities. Yet, comparatively little effort has been devoted to how the informational products of business analytics and data science are ‘consumed’ or used in the organizational decision-making processes, as the available evidence shows that only some of that information is used to drive some business decisions some of the time. Evidence-Based Decision-Making details an explicit process describing how the universe of available and applicable evidence, which includes organizational and other data, industry benchmarks, scientific studies, and professional experience, can be assessed, amalgamated, and funneled into an objective driver of key business decisions. Introducing key concepts in relation to data and evidence, and the history of evidence-based management, this new and extremely topical book will be essential reading for researchers and students of data analytics as well as those working in the private and public sectors, and in the voluntary sector.

Download or read book Resilience of Multicultural and Multigenerational Leadership and Workplace Experience written by Vázquez de Príncipe, Joanne and published by IGI Global. This book was released on 2024-05-07 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's volatile, uncertain, complex, and ambiguous (VUCA) world, the challenges faced by individuals, teams, and organizations are more pressing than ever. The persistent global tragedies and instabilities demand a new approach to leadership—one that goes beyond traditional models to address the complexities of a multicultural and multigenerational workforce. The need for resilience has never been more urgent as we grapple with the aftermath of a pandemic and the ever-evolving landscape of work. The book titled Resilience of Multicultural and Multigenerational Leadership and Workplace Experience dives deep into the heart of the issue, highlighting the importance of cultivating resilience as a dynamic ability. It serves as a call to action for individuals and leaders to fortify their resilience, transforming it from a mere survival mechanism into a strategic advantage that propels individuals and organizations towards success. The core objective of Resilience of Multicultural and Multigenerational Leadership and Workplace Experience is to offer various solutions to the challenges posed by the contemporary business environment. Grounded in both theoretical and empirical research, the book aims to provide a guide for scholars and professionals navigating the complexities of leadership in a multicultural context. By delving into the strategic role of resilient leadership across various organizational levels, the book equips its readers with the tools and insights needed to not only face these challenges but emerge stronger.