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Synthesis involves putting together or combining parts into a whole. Analysis - the separating of any material or abstract entity into its constituent elements - is the opposite of synthesis. 1 Organizations have become quite good at doing analys...
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Humans are unreliable decision makers because our judgments as humans are generally strongly influenced by irrelevant factors. 1 This is the expert opinion of Daniel Kahneman, the Nobel Prize winner in Economic Sciences and a master in understandi...
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Consensus decision-making is a group decision-making process in which group members develop, and agree to support, a decision in the best interest of the whole. Consensus decision-making is a dynamic way of reaching agreement between all members of...
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Most, if not all, decisions are made under uncertain conditions. Sensitivity analysis is a technique used to determine how different values of an independent variable impact a particular dependent variable under a given set of assumptions. It is ...
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When a manager looks at the world through only one mental window, s/he fails to see other views. This may lead to the use of outdated, or even wrong, frames. Frame Blindness is setting out to solve the wrong problem (or failure to adequately sol...
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A Sunk Cost is a cost that is incurred and can not be meaningfully recovered by any practical means. 1 For example, a business may have invested a million dollars in new hardware. This money is now gone and cannot be recovered, so it shouldn’t ...
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Availability Bias is the tendency to let an example that easily comes to mind easily affect decision-making or reasoning. 1 This occurs when we overweight evidence that comes more easily to mind or is more prevalent in our memories. The study o...
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BOPSAT is decision-making by a B unch of P eople S itting A round T alking, which is a management practice of using sometimes inexperienced committee members to make important decisions. 1 Even though there may be considerable preparation ...
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The nutshell briefing rule is a quick and easy approach to decision making that can sometimes save time and effort in arriving at adequate judgments; however, reliance on such rules more often results in judgmental errors and can create grossly misl...
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There are four types of number scales: NOIR The nominal scale of measurement only satisfies the identity property of measurement. Values assigned to variables represent a descriptive category, but they have no inherent numerical value with res...