Take the blindspots out of your decision-making!
31/07/2013
One of the modules I teach at Cranfield University’s Executive MSc in Managing Organisational Performance is about improving organisational decisions, in particular those relating to measuring and managing performance.
There is a great need in corporations to find out how to improve decision-making, and know how to actually implement the small but often critical steps it takes to remove decision blindspots that can cost a company and its shareholders dearly.
Don’t take my word for it: Researchers have meticulously documented the cost of making strategic decisions based on delusion and deception – in other words, by mismanaging information strategically and by manipulating the decision-making process in unhelpful ways, and estimate that performance as a result stagnates at about 50% below forcast.*
In a recent article for Think: Cranfield, I have summarised six ways to replace opinion with evidence-based insight when making importance performance decisions:
Not enough time? Then watch this 60 second video – an even shorter way to help you debias managerial decisions.
Enjoy. And let me have your comments below.
Jutta Tobias
* Bent Flyvbjerg, Massimo Garbuio and Dan Lovallo (2009). “Delusion and Deception in Large Infrastructure Projects: Two Models for Explaining and Preventing Executive Disaster.” California Management Review, vol. 51, no. 2, Winter 2009, pp. 170-193.
Categories & Tags:
Leave a comment on this post:
You might also like…
Journey at Cranfield so far as a part-time student and a Brian Meredith Net Zero Scholar
As a recipient of a Brian Meredith Net Zero Scholarship, my journey here as a master's student in Environmental Management for Business has been nothing short of transformative. From the moment I stepped onto ...
Updating the Mendeley Cite add-in
When using Mendeley Cite with Word, sometimes it is necessary to update the Add-in. If you see this message: There are a few steps to try: 1. Sign out of your office account by going ...
From taxidermy to forensic investigation: My journey at Cranfield
Christina Recheis completed her MSc in Forensic Investigation at Cranfield University in 2021 and specialised in forensic archaeology and anthropology. Her master's thesis focused on developing an algorithm to facilitate the identification of human remains, ...
Country stability and risk in BMI Research
If you need to know about country stability and risk, you ought to be looking at BMI Research. Country Risk report in BMI Research BMI covers country stability and risk in its ...
How to present well as a group
You will have put a lot of work into your research or project and want to show everyone what you have achieved or discovered, so you need to impart this knowledge as clearly as possible. ...
Exploring the skies and beyond: My experience as a GREAT Scholar at Cranfield University
A place where innovation meets practice Cranfield University is renowned for its world-class facilities and resources. What stands out most to me though, is its unique connection to the aerospace industry. ...