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Designed to help companies in any industry make fewer mistakes, The Economist Guide to Decision Making is an in-depth look at the tools and techniques for preventing errors and improving efficiency. Exploring how and why decisions go awry in the first place; what decision-makers can do to counter the psychological, social, and other forces that can undermine individual judgment and pull organizations off course; and highlighting often overlooked aspects of the science of decision making, the book illustrates how mistakes really happen so that they can be better avoided.
Drawing on examples taken from companies around the world, including Motorola, EMI, and the London Stock Exchange, as well as gold mines in South Africa, and food contamination scandals in China, The Economist Guide to Decision Making thoughtfully considers how companies can be more effective and improve their decision-making strategies.
Decision making can never prevent mistakes entirely, but a better understanding of how to improve practices and processes is invaluable for companies looking to increase their overall efficiency. The Economist Guide to Decision Making leads the way.
It is on the decisions managers make that the success of their organisations depends. Yet if it is so simple, why do businesses keep getting it wrong ? and in some cases disastrously wrong?
All decisions involving uncertainty involve the risk of failure but there is also the inescapable fact that decisions are made by people and are therefore subject to human fallibility. Overconfidence, doubling up rather than admitting that a previous decision was wrong, organisational politics and turf wars, a lack of boldness or a fear of stepping out of line, a failure to spot the obvious, inadequate information, flawed assumptions or simply poor judgment are just some of the explanations for bad decisions. This book explains how to be aware of the different traps that decision-makers can fall into ? and provides an invaluable guide to how to make much better decisions.
"Making the best decisions is complicated. This book reviews common mistakes associated with decision-making and gives useful practical advice on how to avoid them."
Douglas McWilliams, Professor of Commerce, Gresham College, London
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