Bounded Rationality (developed by Herbert Simon) is:
No worries, learning is a process!
a graph of decisions and their we make decisions by
possible consequences; it is constructing simplified models
used to create a plan to reach that extract the essential
a goal features from problems w/o
capturing their complexity
,key influences on decision making are
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-creativity
-intuition; gut feeling
-past experience
-group dynamics and synergy
What is the escalation of commitment?
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-one of the greatest decision making biases in business
-in spite of negative information, commitment actually increases
-tendency to continue to commit resources to a failing course of action
Examples:
country (iraq or vietnam war- we are so far in on these wars that we have to
continue to fight them because we are so deep)
Personal (gambling - we get sucked into this continuous gambling and we
get wrapped up in the one more game idea)
Company (projects gone bad but we are so far on the project we feel as if
we cannot turn back)
Business case for diversity at CitySide consists of
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-increased profits, gain access to diverse clientele
-two tracks, one for whites and one for blacks
-approach to diversity rationalized as access the local community
, -Market oriented approach to diversifying the sales division has led to the
problems
General negotiation principles
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everything is not win/lose, often elements where each party wants the
same thing, make tradeoffs "I'll give you this, if you give me that"
anchoring bias:
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using early, first received information as the basis for subsequent
judgements
Fischer's logistical battles were burdensome and exhausting:
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Prior to summit push:
-customs problem at russian border
-charter plane flight problem
-poor weather in Nepal during trek to Base Camp
-labor unrest among the Nepali porters
During summit push:
-assumption that ropes were affixed
-lead sherpa should have been at front of pack
, -fischer was supposed to serve as the "sweep" but lost contact with the
team and had no radio
Overconfidence with regard to Hall and Fischer's judgements led them to believe -
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-Hall wasnt concerned with himself but instead concerned he was going to
have to save another team's ass
-fishcer was so confident that he "knew" he was coming back because he
would make all the right decisions on the mountain
Top 3 investment categories?
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Medical devices & equipment, Software, biotechnology
Oil and Wasser case study- the organization consists of
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-Callahan: CEO of the new firm
-Headquarters: London
-Burkhardt: non-executive chairman of the supervisory board
-Distribution of board seats: 7 out of 10 UK
-its an acquisition (it has been purchased/not merged) not a merger
No worries, learning is a process!
a graph of decisions and their we make decisions by
possible consequences; it is constructing simplified models
used to create a plan to reach that extract the essential
a goal features from problems w/o
capturing their complexity
,key influences on decision making are
Give this one a try later!
-creativity
-intuition; gut feeling
-past experience
-group dynamics and synergy
What is the escalation of commitment?
Give this one a try later!
-one of the greatest decision making biases in business
-in spite of negative information, commitment actually increases
-tendency to continue to commit resources to a failing course of action
Examples:
country (iraq or vietnam war- we are so far in on these wars that we have to
continue to fight them because we are so deep)
Personal (gambling - we get sucked into this continuous gambling and we
get wrapped up in the one more game idea)
Company (projects gone bad but we are so far on the project we feel as if
we cannot turn back)
Business case for diversity at CitySide consists of
Give this one a try later!
-increased profits, gain access to diverse clientele
-two tracks, one for whites and one for blacks
-approach to diversity rationalized as access the local community
, -Market oriented approach to diversifying the sales division has led to the
problems
General negotiation principles
Give this one a try later!
everything is not win/lose, often elements where each party wants the
same thing, make tradeoffs "I'll give you this, if you give me that"
anchoring bias:
Give this one a try later!
using early, first received information as the basis for subsequent
judgements
Fischer's logistical battles were burdensome and exhausting:
Give this one a try later!
Prior to summit push:
-customs problem at russian border
-charter plane flight problem
-poor weather in Nepal during trek to Base Camp
-labor unrest among the Nepali porters
During summit push:
-assumption that ropes were affixed
-lead sherpa should have been at front of pack
, -fischer was supposed to serve as the "sweep" but lost contact with the
team and had no radio
Overconfidence with regard to Hall and Fischer's judgements led them to believe -
Give this one a try later!
-Hall wasnt concerned with himself but instead concerned he was going to
have to save another team's ass
-fishcer was so confident that he "knew" he was coming back because he
would make all the right decisions on the mountain
Top 3 investment categories?
Give this one a try later!
Medical devices & equipment, Software, biotechnology
Oil and Wasser case study- the organization consists of
Give this one a try later!
-Callahan: CEO of the new firm
-Headquarters: London
-Burkhardt: non-executive chairman of the supervisory board
-Distribution of board seats: 7 out of 10 UK
-its an acquisition (it has been purchased/not merged) not a merger
