Decision fatigue, a mental state that occurs after extended periods of making streams of decisions, influences decision makers to favour less-taxing “default” decisions. A new study, based on data from the banking sector, reveals the cost of such decisions, highlighting the importance of addressing decision fatigue.
An experimental study of the decision-making process in cross-functional teams reveals the impact of leadership, or lack thereof, on the quality of the teams’ decisions and the satisfaction of team members with those decisions.
Dr Orit Wolf possesses a unique set of skills. She is an acclaimed international concert pianist, executive mentor, senior lecturer and expert business consultant in the area of innovative thinking and creative marketing. By the age of 23 she had already acquired three summa cum laude degrees from Tel Aviv University, Boston University, and the Royal Academy of Music, winning numerous international awards. She was then offered teaching positions at Leeds University, Tel Aviv University, Lahav Business School and the Shenkar Institute.
The key to driving value in any interdependent relationship is the art and science of negotiation. Indeed, negotiations are ubiquitous and individuals and leaders negotiate all the time—be it with employees, external stakeholders, vendors, venture capitalists. Many of us, however, know little about the strategy and psychology of effective negotiations.
The World Economic Forum has identified complex problem-solving as the key skill required of organizations in the 21t century, closely followed by critical thinking and creativity. However, the authors point out, none of these are ‘taught’ in the majority of standard formal education institutions, either at high school or universities. McKinsey, the leading strategy consultancy, has been using their Seven-Step Problem-Solving method internally to deliver client solutions for decades however, but it has never been explicitly shared externally. Charles Conn drafted the original internal...
People have different ‘selves’: the same person might be a politician, a grandparent, an avid golfer, and an aspiring novelist, for example. New research shows that if you believe that how you act in one self reflects who you are in all your selves — for example, being a ruthless politician makes you a ruthless person as a whole — you are less likely to commit immoral acts. This research offers new evidence that encouraging employees to bring their personal selves to work encourages moral behaviours and ethical decisions in the workplace.
Researchers use unimpressed market reaction to new product and new client announcements to highlight the insidious damage of CEO incentives to focus on the short-term.
Artificial Intelligence is currently gripping the business world, being the next step on the journey from Big Data to full automation. For business executives it is often a slightly mystical concept, offering both dramatic cost-cutting opportunity as many routine human roles are replaced with ever-present, ever-reliable machines, and also threatening many long-standing businesses with being swept away like horse-drawn carriages with the coming of the automobile. Currently, the truth is less dramatic with AI tools making incremental advances and their limitations being as frustrating as...
Our brains prefer to think in straight lines: if one bag of oranges costs $5, then two bags cost $10 and three cost $15. However, this bias toward linear thinking often traps unwary business decision-makers who fail to recognize the non-linear relationships they are dealing with (e.g. increasing retention rates from 10% to 30% or from 60% to 80% does not have an equal 20% impact on customer lifetime value).
Jennifer Riel is an Adjunct Professor, Faculty-at-large at Univeristy of Toronto's Rotman School of Management, and Managing Director of the Martin Prosperity Institute’s Knowledge Infrastructure project, which includes oversight of Rotman I-Think (Rotman's elementary and secondary school integrative thinking and design thinking program). In her role, Jennifer leads educational and knowledge sector initiatives, including writing, designing curriculum and teaching for a variety of audiences.
