Improving the Decision-making by Managers: Choice Architecture

Decision-making and Valuation

 
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Anneke Zwart
Student (University), Netherlands
A different approach towards improving decision making is 'Choice Architecture'. In every organization, employees tend to make decisions that will neither benefit their employer nor themselves. According to Beshears (2015), this happens not because those employees are stupid, but rather because of certain patterns in the human brain that lead us to: - Underestimate the time needed for a certain task; - Neglect critical information; - Overestimate our own ability to perform certain jobs; - Fail to take advantage of company benefits that are in our best interests. The author argues that its very difficult to rewire such patterns in our brains. Rather than focusing on rewiring the wires, it could be possible to adjust the ENVIRONMENT in which decisions are made. By doing so, the likelihood of employees making better decisions is increased. The following 5 steps are recommended: 1. UNDERSTANDING THE WAY DECISIONS ARE MADE: The author argues that - in order to being able to ma (...) Read more? Sign up for free

  K.Narayana Moorthy
HR Consultant, India
 

Improved Decision Making by Managers

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  Emmanuel Mwirichia
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  Subbaram Ranganathan Aiyar
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  K.Narayana Moorthy
HR Consultant, India
 

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  libin xiao
Student (MBA), China
 

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  K.Narayana Moorthy
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  Varun
 

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  Vijay Bhatia
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  Zoniaina
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  Boris Verbitsky
Entrepreneur, Israel
 

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  Barney Wade Howard
Manager, United States
 

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Good Article. I know I often have to use both form (...)

  Gandhi Heryanto
Management Consultant, Indonesia
 

Issues of a Choice Architecture

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  Briolett
Manager, Canada
 

Choice Architecture Must Include Decision Making and Follow Through

It's important not to over-look the follow through (...)

  Vijay Bhatia
Consultant, India
 

Including Follow Through In Choice Architecture

Yes! Itís important that decisions made by the man (...)

 

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