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Overcoming Cognitive Biases in Strategic Management and Decision Making

Overcoming Cognitive Biases in Strategic Management and Decision Making
Author: Siniksaran, Enis
Publisher: IGI Global
Total Pages: 309
Release: 2024-02-12
Genre: Business & Economics
ISBN:
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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.

Cognitive Biases and Debiasing in Strategic Decision Making

Cognitive Biases and Debiasing in Strategic Decision Making
Author: Christian Muntwiler
Publisher:
Total Pages: 0
Release: 2023
Genre:
ISBN:
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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.

MBA Model. Cognitive biases in decision making

MBA Model. Cognitive biases in decision making
Author: Thomas Schmid
Publisher: GRIN Verlag
Total Pages: 13
Release: 2021-07-21
Genre: Business & Economics
ISBN: 3346442470
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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.

You're About to Make a Terrible Mistake

You're About to Make a Terrible Mistake
Author: Olivier Sibony
Publisher: Little, Brown Spark
Total Pages: 336
Release: 2020-07-14
Genre: Business & Economics
ISBN: 0316494976
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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)

Cognitive Biases and Strategic Decision Processes

Cognitive Biases and Strategic Decision Processes
Author: T. K. Das
Publisher:
Total Pages: 0
Release: 2016
Genre:
ISBN:
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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.

Analyzing the Role of Cognitive Biases in the Decision-Making Process

Analyzing the Role of Cognitive Biases in the Decision-Making Process
Author: Juárez Ramos, Verónica
Publisher: IGI Global
Total Pages: 262
Release: 2018-11-16
Genre: Psychology
ISBN: 1522529799
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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.

How to Improve Your Decision Making Skills

How to Improve Your Decision Making Skills
Author: Minghai Zheng
Publisher: Independently Published
Total Pages: 0
Release: 2023-07-20
Genre:
ISBN:
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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.