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Why do bad decisions happen to good managers? If you need the best practices and ideas for smart decision making--but don't have time to find them--this book is for you. Here are 10 inspiring and useful perspectives, all in one place. This collection of HBR articles will help you: - Make bold decisions that challenge the status quo - Support your decisions with diverse data - Av Why do bad decisions happen to good managers? If you need the best practices and ideas for smart decision making--but don't have time to find them--this book is for you. Here are 10 inspiring and useful perspectives, all in one place. This collection of HBR articles will help you: - Make bold decisions that challenge the status quo - Support your decisions with diverse data - Avoid choices that justify past bad decisions - Evaluate risks and benefits with equal rigor - Check for faulty cause-and-effect reasoning - Test your decisions with experiments - Foster and address constructive criticism - Defeat indecisiveness with clear accountability - Root out unconscious prejudices


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Why do bad decisions happen to good managers? If you need the best practices and ideas for smart decision making--but don't have time to find them--this book is for you. Here are 10 inspiring and useful perspectives, all in one place. This collection of HBR articles will help you: - Make bold decisions that challenge the status quo - Support your decisions with diverse data - Av Why do bad decisions happen to good managers? If you need the best practices and ideas for smart decision making--but don't have time to find them--this book is for you. Here are 10 inspiring and useful perspectives, all in one place. This collection of HBR articles will help you: - Make bold decisions that challenge the status quo - Support your decisions with diverse data - Avoid choices that justify past bad decisions - Evaluate risks and benefits with equal rigor - Check for faulty cause-and-effect reasoning - Test your decisions with experiments - Foster and address constructive criticism - Defeat indecisiveness with clear accountability - Root out unconscious prejudices

30 review for Harvard Business Review on Making Smart Decisions

  1. 4 out of 5

    Kylewong

    This review has been hidden because it contains spoilers. To view it, click here. **1. the hidden traps in decision making psychological traps: i. the anchoring trap (giving disproportionate weight to the first information it receives) e.g. 1st question: is the population of turkey greater than 35 million 2nd question: what's your best estimate of Turkey's population e.g. during negotiation, initial proposal matters what to do? think about the problem on your own before consulting others avoid anchoring your advisers ii. the status-quo trap reason: breaking from status quo means takin **1. the hidden traps in decision making psychological traps: i. the anchoring trap (giving disproportionate weight to the first information it receives) e.g. 1st question: is the population of turkey greater than 35 million 2nd question: what's your best estimate of Turkey's population e.g. during negotiation, initial proposal matters what to do? think about the problem on your own before consulting others avoid anchoring your advisers ii. the status-quo trap reason: breaking from status quo means taking action, and when we take action, we take responsibility what to do? never think of the status quo as your only alternative ask yourself whether you would choose the status-quo alternative, if it werent the status quo avoid exaggerating the effort or cost involved in switching from the status quo idont default to the status quo just because you're having a hard time choosing the best alternative iii. the sunk cost trap iv. the confirming evidence trap what to do? examine evidence with equal rigor be honest with yourself about your motives v. the framing trap e.g. a classic experiment about whether you will save the cargo with a certain probability versus losing the cargo with a certain probability risk adverse in terms of gains, risk seeking avoiding losses vi. the estimating and forecasting traps need to get feedback about the forecast in order to improve recallability trap - certain memories weigh more when decision making 2. delusions of success: how optimism undermines executive decisions reasons: attribution errors: take credit for themselves and attribute negative outcomes to external factors e.g. a survey asking people's workload (total larger than 100%) and a survey asking their leadership ability ( only 2% rated themselves below average) other factors that worsen the problem: competitor neglect organizational pressure (organizations discourage pessimism) solutions: the outside view instead of the inside one e.g. the Israel textbook example from Kahneman conclusion: draw a distinction between those make decisions and those support actions so as to have a balance of objectivity and optimism 3. conquering a culture of indecision (skipped) 4. evidence based management doctors used to rely on obsolete knowledge gained in school, long standing but never proven traditions, patterns gleaned from experience, the methods they believe in and are more skilled in applying etc. The same holds true for managers too. An evidence based management should be practiced. lots of managers get their companies into trouble by importing performance management and measurement practices from their past experience, without acknowledging the differences. The reason is that information acquired firsthand often feels richer than do words and data in a journal article. how to become an evidence-based manager? demand evidence *treat the organization as an unfinished prototype (keep doing small experiments) evidence-based practice changes power dynamics, replacing formal authority, reputation, and intuition with data 5. what you dont know about making decisions decisions as process: inquiry (considering alternatives) versus advocacy (arguing our positions) how to do it? i. constructive conflict *require vigorous debate (point-counterpint or intellectual watchdog) need to have a common set of opinions prohibit language that triggers defensiveness break up natural coalitions shift individuals out of well worn grooves challenge stalemated participants to revisit key information ii. consideration convey openness listen attentively explain the rationale behind your decision *give an equal and heavy weight in others' opinions (explain how their opinion affects the final decision) iii. closure *ro bring disaffected people back into the discussion, it may be best to call for a break, approach dissenters one bye one, and encourage them to speak up 6. who has the D: how clear decision roles enhance organizational performance what are the roles: RAPID recommend, agree, input, decide, perform sharing information is important the characteristics of high-performing organizations some decisions matter more action is the goal ambiguity is the enemy speed and adaptability are crucial decision roles trump the organizational chart 7. how (un)ethical are you implicit prejudice: bias that emerges from unconscious beliefs www.tolerance.org/hidden_bias in practice: a manager should ask the subordinate not what he thinks he alone deserves but what he considers an appropriate raise after taking into account each coworker's contribution and the pool available for pay increases. 8. make better decisions (skipped) 9. why good leaders make bad decisions involve others! 10. stop making plans; start making decisions Use continuous issues-focused strategic planning instead of a periodic planning or a business-unit one

  2. 4 out of 5

    Bethany

    Collection of scholarly articles from some of the best names in management on business decision making practices as of 2007 1. Have clearly defined roles 2. Base decisions on evidence 3. Strategic planning is a waste of time, change to continuous issue management 4. Seek out evidence that does not support your decision especially in an area that could be critical 5. Data analytics are king 6. Be wary of automatic emotional response from how our brains are structured 7. Decisive dialogue: real talk, g Collection of scholarly articles from some of the best names in management on business decision making practices as of 2007 1. Have clearly defined roles 2. Base decisions on evidence 3. Strategic planning is a waste of time, change to continuous issue management 4. Seek out evidence that does not support your decision especially in an area that could be critical 5. Data analytics are king 6. Be wary of automatic emotional response from how our brains are structured 7. Decisive dialogue: real talk, good questions, candid feedback 8. Avoid heuristics: anchoring, status quo, sunk cost, confirming evidence, framing, estimating and forecasting, overconfidence, prudence, recallability

  3. 4 out of 5

    ARC

    This is the first HBR book in my personal collection and it's basically a collection of 10 academic papers on the topic concerned. The selected papers are not that technical in nature and provide for a rather easy read. They are pretty sound and not too complex nor abstract, almost like reading any other business/self-improvement book. That being said, the papers provide for a good analysis and much personal pondering on the topic concerned, especially the real life case studies, which provide fo This is the first HBR book in my personal collection and it's basically a collection of 10 academic papers on the topic concerned. The selected papers are not that technical in nature and provide for a rather easy read. They are pretty sound and not too complex nor abstract, almost like reading any other business/self-improvement book. That being said, the papers provide for a good analysis and much personal pondering on the topic concerned, especially the real life case studies, which provide for much realism and assurance that actual objective research has gone into providing the respective conclusions on the ideas put forth. At times, I do feel cheated that I can actually cover the gist of the whole paper just by reading the "Ideas In Brief" notes at the start of each paper, which is basically what u will take home from the paper anyway. Look forward to reading the rest of the books in my collection!

  4. 5 out of 5

    Takuro Ishikawa

    This book is a collection of papers on decision making. Although not all its readings are good, I recommend one: The hidden traps in decision making, by John Hammond, Ralph Keeney and Howard Raiffa. In a nutshell, the paper explains when and why business decisions are faulty, even with the appropriate analytics and information. The authors present seven psychological traps of decision making and describe how to avoid them.

  5. 4 out of 5

    Eduardo

    Uma boa coletânea de artigos com destaque para o artigo do Ram Charam "Vencendo uma cultura de indecisão" que é excelente. No mais, é interessante para quem busca um refresh, mas, para quem já vive lendo a respeito às vezes fica um pouco maçante. Uma boa coletânea de artigos com destaque para o artigo do Ram Charam "Vencendo uma cultura de indecisão" que é excelente. No mais, é interessante para quem busca um refresh, mas, para quem já vive lendo a respeito às vezes fica um pouco maçante.

  6. 4 out of 5

    Jcrane1095 Crane

    Nice collection of articles on decision making.

  7. 4 out of 5

    David C Mills

    Practical

  8. 5 out of 5

    Eduardo

    Many good advice from actual cases. Some of them will let you know why some choices we made are influenced by past events, biases or other external agents.

  9. 4 out of 5

    Daniel Oon Yong Lin

    The best HBR articles were the 2nd and 3rd in the book. Article 5 was too brief. I skipped the last article and evaluation and due to time constraints.

  10. 5 out of 5

    Vairavel

    A must read for everyone in business!

  11. 4 out of 5

    Sanjin Goglia

  12. 4 out of 5

    Mohammed Al Sadiq

  13. 4 out of 5

    Afroza Papia

  14. 4 out of 5

    Mary Dolan

  15. 5 out of 5

    Dave

  16. 5 out of 5

    John

  17. 5 out of 5

    Puneet

  18. 5 out of 5

    Jens Plattfaut

  19. 4 out of 5

    Anup Kamat

  20. 4 out of 5

    Paul Vespo

  21. 4 out of 5

    Avik Panda

  22. 5 out of 5

    Mohammed Almaghrabi

  23. 4 out of 5

    Stoyan Topalov

  24. 5 out of 5

    Dennis

  25. 5 out of 5

    Luigi Negri

  26. 5 out of 5

    Netty :-)

  27. 4 out of 5

    Einar Sigurðsson

  28. 4 out of 5

    Feranica Kairupan

  29. 5 out of 5

    Valentin

  30. 5 out of 5

    Zhengdaiyang

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