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Overcoming Cognitive Biases In Strategic Management And Decision Making
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Book Synopsis Overcoming Cognitive Biases in Strategic Management and Decision Making by : Siniksaran, Enis
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.
Book Synopsis Judgment in Managerial Decision Making by : Max H. Bazerman
Download or read book Judgment in Managerial Decision Making written by Max H. Bazerman and published by John Wiley & Sons. This book was released on 2012-10-16 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral decision research provides many important insights into managerial behavior. From negotiation to investment decisions, the authors weave behavioral decision research into the organizational realm by examining judgment in a variety of managerial contexts. Embedded with the latest research and theories, Managerial Decision Making 8th Edition gives students the opportunity to understand their own decision-making tendencies, learn strategies for overcoming cognitive biases, and become better decision makers.
Book Synopsis Uncertainty and Strategic Decision Making by :
Download or read book Uncertainty and Strategic Decision Making written by and published by Emerald Group Publishing. This book was released on 2016-11-14 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, leading researchers on Managerial and Organizational Cognition consider the foundations of individual and social cognition and their effect on strategic decision-making.
Book Synopsis Analyzing the Role of Cognitive Biases in the Decision-Making Process by : Juárez Ramos, Verónica
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 262 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.
Book Synopsis Cultural Influences on the Process of Strategic Management by : Andreas Michael Schühly
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.
Book Synopsis Making Risky and Important Decisions by : Ruth Murray-Webster
Download or read book Making Risky and Important Decisions written by Ruth Murray-Webster and published by CRC Press. This book was released on 2021-06-11 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a practical insight to leaders who need to make good decisions in risky and important situations. The authors describe a process for making risk-intelligent decisions, explaining complex ideas simply, and mapping a route through the myriad interrelated influences when groups make decisions that matter. The approach puts the decision maker—you—at the center and explains how you can think and act differently to make better decisions more of the time. The book shows how to Determine the appropriate level of risk Make decisions in uncertain and turbulent conditions Understand how risks are perceived to identify them accurately Develop new behaviors to improve decision-making Making Risky and Important Decisions: A Leader’s Guide builds on earlier ground-breaking publications from these two recognized thought leaders. Their first book together, Understanding and Managing Risk Attitude, brought together the language of risk and risk-taking with the language of emotional intelligence and emotional literacy. Managing Group Risk Attitude followed, and focused on decision-making groups, creating new insights and frameworks. Both books are positioned as specialist textbooks, despite their relevance to real-world situations. A Short Guide to Risk Appetite brought together the concepts of risk appetite and risk attitude into one place for the first time, cutting through confusing terminology and confused thinking to create a practical way of understanding "how much risk is too much risk." This latest installment from Ruth Murray-Webster and David Hillson takes the breadth of their previous work, adds new insights and thinking, and distills it into a highly usable guide for hard-pressed leaders.
Book Synopsis Strategic Decisions by : Vassilis Papadakis
Download or read book Strategic Decisions written by Vassilis Papadakis and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past ten years, there has been growing interest in the process of strategic decision-making among both managers and researchers. Strategic decisions are important for five main reasons: They are large-scale, risky and hard to reverse; they are a bridge between deliberate and emerging strategies; they can be a major source of organizational learning; they play an important part in the development of individual managers and they cut accross functions and academic disciplines. Strategic Decisions summarizes the current state of the art in research on strategic decision-making, with chapters prepared by leading strategy researchers. The editors also present implications for current application and proposed directions for future research.
Book Synopsis Chinese Strategic Decision-making on CSR by : Shuo Wang
Download or read book Chinese Strategic Decision-making on CSR written by Shuo Wang and published by Springer. This book was released on 2014-11-20 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research study attempts to provide a comprehensive CSR literature review, analyze corporate social responsibility (CSR) issues from the strategic decision-making (SDM) perspective, and investigate the process of managers’ CSR- related SDM in China. In particular, it utilizes content analysis to examine selected CSR articles from published studies, in order to evaluate the trends in CSR theory development as well as to identify the variables, constructs, and relationships within CSR theory. The review indicates that CSR should be involved in organizational strategies. Therefore, this study reviews the relevant theoretical and empirical literature in the SDM area. Firstly, it summarizes the broader context of strategic decisions and points out factors in the external environment and organizational characteristics that influence the SDM process of managers. Secondly, it articulates the influences of individual characteristics on the SDM. Thirdly, it examines the process of SDM using the rational and bounded rationality theory of decision making. Finally, on the basis of the SDM model, the author generates a research model which proposes the links between vital and influential factors from an integrated perspective. This book also provides a detailed description of how to choose a proper method for the CSR-related SDM research, the process of survey design, sampling methods, and survey administration. In particular, the author utilized a policy-capturing method to develop a series of scenarios concerning CSR activities and an explanation of this method is provided. It reports research findings of this study and provides an extensive and thorough discussion and compares it with previous empirical studies. The conclusion summarizes the research findings and their theoretical and practical implications.
Book Synopsis Resilience of Multicultural and Multigenerational Leadership and Workplace Experience by : Vázquez de Príncipe, Joanne
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.
Book Synopsis The Secret Life of Decisions by : Meena Thuraisingham
Download or read book The Secret Life of Decisions written by Meena Thuraisingham and published by Gower Publishing, Ltd.. This book was released on 2013 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Secret Life of Decisions exposes the unchallenged myths and distortions that impact our reasoning ability, raising our awareness of the many traps we can fall into. Meena Thuraisingham and her collaborator, Wolfgang Lehmacher, have drawn from decades of work with leaders showing that even the most talented leaders and teams can end up making sub-optimal decisions. This is rarely because they had poor critical thinking faculties but rather because they did not pay enough attention to the often invisible traps hardwired into our thinking processes, letting through only information that conforms with our current beliefs, mental models and expectations. This leaves many leaders and businesses exposed. This book is an essential read for developing and seasoned executives who have to work through high stakes decisions. It treats choosing wisely and the thinking involved as a skill that can be improved with the guided practice and supporting tools provided here. The journey however starts with awareness that comes from outing the 'secret' forces that can sabotage the quality of our decisions.
Book Synopsis Evidence-Based Decision-Making by : Andrew D. Banasiewicz
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.
Book Synopsis You're about to Make a Terrible Mistake by : Olivier Sibony
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 2021-09 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 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....
Book Synopsis The Art of Strategic Decision-Making by : Peter Hollins
Download or read book The Art of Strategic Decision-Making written by Peter Hollins and published by Pkcs Media, Incorporated. This book was released on 2021-05-19 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: verwhelmed and paralyzed by your choices? Learn how to get it right the first time - improve your analysis, judgment, and intuition. Unfortunately, you can't just rely on your gut instinct or "hunch" when you make decisions. There's a science to improving your critical thinking, weighing pros and cons, and avoiding the traps that take you down the wrong path. Make smart decisions by catching your brain's built-in flaws. The Art of Strategic Decision-Making will teach you to seize control of your life and make sure your decisions aren't making you. This book cites years of research and scientific studies about what constitutes a great decision and the factors that will inevitably lead you there. It is an in-depth look at human nature and psychology and why we make decisions in the way we do - for better or for worse. This book is packed with theory, but it is all practical and actionable. Use these mental models and pieces of analysis on your decisions TODAY. Think more quickly and more thoroughly - at the same time. Peter Hollins has studied psychology and the human condition for over a dozen years. This book contains tactics pulled from his personal experience, as well as some of the most famous studies in decision theory and social psychology to help you make snap decisions. Beat analysis paralysis and eliminate indecision. -Learn your subconscious motivations, needs, and desires that hijack your brain. -Discover the surprising causes and cures for decision fatigue. -Over 10 of the most dangerous cognitive biases and decision traps. -How to make your pros and cons lists incredibly useful and illuminating. -The 6 Hats Method of intelligent decisions and how you can inhabit different perspectives. -The WRAP method of planning for failure in decisions. -How to think outside the box and creatively solve problems.
Book Synopsis The Effect of Managerial Experiences on Strategic Sensemaking by : Daniel Kauer
Download or read book The Effect of Managerial Experiences on Strategic Sensemaking written by Daniel Kauer and published by Springer. This book was released on 2008-02-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Daniel Kauer studies the effects of managerial experiences on the strategic sensemaking of top management teams. He shows that it is very important to distinguish between the depth and breadth of managerial experience, as these discrete dimensions have different effects on strategic sensemaking on the individual as well as on the organizational level. While diversity represents a team’s potential to be successful in strategic sensemaking, the team must realize this potential through effective interaction. Therefore, the author also analyzes decisive interaction factors and describes how teams can best leverage their members’ experience.
Book Synopsis Scenario Thinking by : R. Bradley MacKay
Download or read book Scenario Thinking written by R. Bradley MacKay and published by Cambridge University Press. This book was released on 2018-10-04 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element infuses established scenario planning routines with an exploration of cognitive reasoning, by contextualising scenario thinking within the wider human endeavour of grappling with future uncertainties. A study of ancient civilisations shows that scenario thinking is not new, but has evolved significantly since ancient times. By de-coupling scenario thinking from scenario planning, it is elevated as the essential ingredient in managerial foresight projects. The historical theme continues, focussing on the evolution of modern scenario planning, by way of the French and Anglo-American schools of thought, using the intuitive logics methodology. Archival research has discovered early contributions in the UK around the development and use of scenario thinking in public policy, which has been overlooked in many received histories. Finally, the usefulness of scenario thinking for strategic management is challenged here and the argument that it is a heuristic device for overcoming cognitive biases and making better strategic decisions is refined.
Book Synopsis Building Sustainable Human Resources Management Practices for Businesses by : Popescu, Cristina Raluca Gh.
Download or read book Building Sustainable Human Resources Management Practices for Businesses written by Popescu, Cristina Raluca Gh. and published by IGI Global. This book was released on 2024-03-22 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pressing need for environmental preservation has never been more evident, placing companies at the forefront of the sustainability movement. As the global community grapples with the ever-escalating environmental crisis, the imperative to preserve our planet has transitioned from an ethical consideration to a business necessity. Companies now face an unprecedented challenge: not only must they adapt to more sustainable practices, but must also fully embrace them across all aspects of their operations, including at the employee level. At the heart of this transformative journey lies human resource management, a pivotal lever for shaping a sustainable and environmentally responsible future for organizations. Building Sustainable Human Resources Management Practices for Businesses is a tool for academic scholars and discerning readers who seek to understand and address this urgent issue. This book goes beyond exploration, offering a deeply insightful examination of human resource management's role in fostering sustainability within organizations. By weaving the principles of sustainability with the intricacies of talent management, the book provides readers with the essential insights, practical tools, and real-world examples necessary to navigate the path toward a more eco-conscious approach to HR. From eco-friendly hiring practices to the cultivation of a green organizational culture, each chapter delivers actionable guidance and inspires change. Simultaneously, it delves into the challenges and future prospects of green HR management, exploring how technology, diversity and inclusion, and collaboration with key stakeholders can usher in a greener, more sustainable economy.
