I just listened to Khun Rawit's Mission to the Moon podcast (Feb 4, 2023) about the bias in decision making, summarized from 'The case for behavioral strategy' by Dan Lovallo and Olivier Sibony in McKinsey Quarterly, March 1, 2010. It caught my attention to the point that I googled the article.
Here's what I've drawn from the article ka:
- Good decisions are from fact collection, analysis, and the process to reach decisions.
- Biases could be from a few factors like 'habit, training, executive selection, and corporate culture......a product of human nature'.
- It's advisable to COUNTER the following:
-- pattern-recognition biases using analogies, comparisons, or salient examples or listening to those who use their powers of persuasion to tell a compelling story.....or falling into algorithm traps of similar stories fed to us na ka.
-- action-oriented biases since things are uncertain and plans can be changed.
-- stability biases -- sabai lovers to go for easy ways
-- interest biases when judging as silos for one's own unit for example.
-- social biases to go along with the majority (like groupthink lae ka!)
The authors advise 4 steps for behavioral strategy:
-- Decide which decisions warrant the effort - selective of issues that need crucial processes
-- Identify the biases most likely to affect critical decisions - open discussion helpful
-- Select practices and tools to counter the most relevant biases - what's best fit to the issues
-- Embed practices in formal processes - when proved successful ka
If you wish to listen with some examples, please check this out ka:
Hope it could serve as a nice approach/reminder ka.
Happy Monday na ka.
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