Distortions and deceptions in STRATEGIC DECISIONS [McKinsey]
Frank Kalder
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Hello,
an editorial by Charles Roxburgh (Director, London office) of
"The McKinsey Quarterly" [2006 Number 1]
- "The human factor in strategic decisions" -
starts with the following analysis:
"In the academic world, the emphasis is increasingly on
specialization. Scholars in today's universities are encouraged to
pursue research in ever-greater depth, which creates ever-narrower
areas of expertise and reduces a scholar's opportunity to interact
with colleagues and gain cross-disciplinary insights into different
branches of learning. Since many of the world's scientific
breakthroughs come when experts bring a fresh perspective to problems
outside their own particular field (as the historian Thomas Kuhn showed
in his now-classic 'The Structure of Scientific Revolution'), this
trend is particularly troubling. [...]"
He further introduces the authors of "Distortions and deceptions in
strategic decisions" Dan P. Lovallo and Oliver Sibony who "find
that principal-agent problems often compound cognitive bases, such as
overoptimism, to undermine strategic decision making. They also explore
how managers and companies can overcome the limitations of human nature
to improve their chances of making good strategic decisions. [...]"
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Regards, Frank
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