Improving the Decision-making by Managers: Choice Architecture

Decision-making and Valuation

 

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Decision-making and Valuation > Best Practices

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

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Decision-making and Valuation

 

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