1 / 12

The Art and Science of Decision-Making

The Art and Science of Decision-Making. February 24, 2014. Robert S. Duboff Robert.Duboff@hawkpartners.com 617-576-4701. Essay – Due via Email by 5pm, March 3.

jean
Download Presentation

The Art and Science of Decision-Making

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Art and Science of Decision-Making February 24, 2014 Robert S. Duboff Robert.Duboff@hawkpartners.com 617-576-4701

  2. Essay – Due via Email by 5pm, March 3 Pick an important past decision made by you, or your company, or by a jury, a CEO or a politician/office holder, etc., and write about how non-rational human factors help to explain the decision. In your 2-3 page essay: • Describe the decision and the rational grounds for it • Using the readings and discussions in this course so far, detail the subjective factors that likely played a role • Provide your opinion about whether the decision was a good one and how the process and/or outcome could have been improved

  3. Extraverts/Introverts within the U.S. Population Extraverts 49% 51% Introverts Men: 48% E 52% I Women: 50% E 50% I Class ‘13: 62.5% E 37.5% I This Class:61% E 39% I Source: Center for Applications of Psychological Type (capt.org)

  4. Judgers and Perceivers within the U.S. Population 43% Perceivers 57% Judgers Men: 58% J 42% P Women: 56% J 44% P Class ‘13: 68% J 32% P This Class:82% J 18% P Source: Center for Applications of Psychological Type (capt.org)

  5. Thinkers/Feelers within the U.S. Population 55% Feelers 45% Thinkers Men: 61% T 39% F Women: 29% T 71% F Class ‘13: 55% T 45% F This Class:29% T 71% F Source: Center for Applications of Psychological Type (capt.org)

  6. Sensors/Intuitives within the U.S. Population Intuitives 30% 70% Sensors Men: 68% S 32% N Women: 72% S 28% N Class ‘13: 52% S 48% N This Class:25% S 75% N Source: Center for Applications of Psychological Type (capt.org)

  7. The 16 Types – General Population (Class) Sensing Types Intuitive Types ISTJ ISFJ INFJ INTJ 13% (5%) 12% (7%) 2% (11%) 3% (11%) Introverts ISTP ISFP INFP INTP 7% (0%) 5% (0%) 4% (7%) 5% (0%) ESTP ESFP ENFP ENTP 4% (0%) 3% (0%) 7% (11%) 7% (0%) Extraverts ESTJ ESFJ ENFJ ENTJ 11% (7%) 4% (28%) 2% (7%) 11% (7%)

  8. The Five Components of Emotional Intelligence (or beyond the MBTI) • Self-awareness • Self-regulation • Motivation • Empathy • Social skills • … and don’t forget risk

  9. Key Questions to Resolve • What are the implications if you think a decision was made on scientific or artistic (rational or emotional) grounds? • By a computer or by chance? • Legitimacy/acceptance?? • Do we believe that every important decision depends on the decision-maker or not? • Do we believe there is a “right answer?” • How do we understand or analyze decisions of others? • Project from our self • Infer • Use stereotypes • Which is more important for success in business: IQ or EQ?

  10. A Rational Decision-Making Process • Define the problem • Identify the criteria • Weight the criteria • Generate alternatives • Rate each alternative on each criterion • Compute the optimal decision Source: Judgment in Managerial Decision-Making, Max Bazerman.

  11. When Should We Blink and When Should We Think? Blink Think Commodity brand purchases Mushrooms in restaurant Mystery Interviewing people Old/familiar The whole Considered brand purchase Mushrooms in forest Puzzle Interviewing people, if biased New The piece parts Is there a choice to blink? To think?

  12. Implications for Market Research What can respondents reliably respond about/to? How about decision-makers? Just follow?

More Related