Summary of Judgment in Managerial Decision Making

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Judgment in Managerial Decision Making book summary
You’re paid to make sound, smart decisions. Whoops! Yours are biased, illogical and emotional. Welcome to the human race.

Rating

8 Overall

8 Applicability

9 Innovation

8 Style

Recommendation

Consider this scenario: Two groups are playing basketball. One group wears black, the other white. Researchers film each group separately passing a basketball back and forth, and superimpose the two films on a television monitor. They ask research participants to add up the number of passes the players make. Because the separate images of basketballs flying here and there overlap, the counters must pay close attention. Under such circumstances, how many of the observers would fail to see a man dressed as a gorilla stroll through the basketball court while dramatically thumping his chest? Believe it or not, eight out of ten. Scientists call this “inattentional blindness.” Distinguished Harvard professor Max H. Bazerman refers to such tests as he explains the concept of “bounded awareness.” When people fail to notice information, their lack of perception may preclude them from making sound decisions. Bazerman fills his book with learned insights, fascinating research and intriguing tests. He exposes the mental biases, skewed logic, false premises and misleading emotions that interfere with good decision making. getAbstract recommends this tantalizing book to those who want to understand the nuts-and-bolts of the thinking process, and to enhance their decision-making prowess.

In this summary, you will learn

  • How to establish a formal decision-making process
  • How to use heuristics
  • How bias, faulty logic, problematic heuristics and emotions interfere with sound thinking and decision making
  • How to make better decisions
 

Summary

Decision-Making Bias
When Enron went bankrupt in 2001, U.S. federal courts found its auditors, Arthur Andersen, guilty of obstruction of justice. Shortly thereafter, Andersen closed its doors. Andersen’s auditors probably did not willfully misrepresent Enron’s books. Most likely, they ...
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About the Author

Max H. Bazerman is the Straus Professor at the Harvard Business School, and author of Negotiating Rationally and Conflicts of Interest.


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