Individual decision-making tools
Basics
Duration: 3 hours
When evaluating a course of action, several methods can be employed for the analysis, depending on the criteria we have, their weight, the foreseeable timeline, the time limits, our experience, and the volatility of the situation. The most used technique is to build a pros and cons list. Unfortunately, this is also the least accurate one, and still managers have problems employing it correctly. While decision-making comes natural to most managers, a structured approach can dramatically improve the quality of our decisions. This module introduces the basic methods for decision-making and describes the appropriate contexts for each. It also introduces perspective-change methods based on research and practice developed by Gary Klein and Chip and Dan Heath.
Methods. Working on many short case studies.
Outcomes. Participants will practice the use of various decision-making methods like weighted decision matrix, expected value calculation, probabilistic decision trees, fast-and-frugal decision trees, simple heuristics etc. They will then understand the human inclination for myopic consideration and learn to enlarge the perspective through short and powerful mind tricks.