By now, it's the perceived wisdom that people who are chief executive officers should not also be chairmen of the board. Institutional Shareholder Services and all sorts of rating agencies state, with complete conviction, that the job should be split--at all times, and at all companies. But...
View Available Dates and Locations Effective decision makers are those rare individuals who are able to consistently identify and choose the best option among multiple alternatives. Their decisions are imaginative, reasoned, and defensible. In this course, you will be provided with the training and tools ...
The tool allows for hypothetical testing of real-time problems and also the applicability of the suggested solutions, allowing businesses to take the most appropriate decisions. Proof of its effectiveness is easily evident when you consider the fact that businesses continue to use it even when many new tools and techniques...
Decision-making increasingly happens at all levels of a business. The Board of Directors may make the grand strategic decisions about investment and direction of future growth, and managers may make the more tactical decisions about how their own department may contribute most effectively to the overall business objectives. But quite...
Business owners often face difficult ethical dilemmas, such as whether to cut corners on quality to meet a deadline or whether to lay off workers to enhance profits. A current ethical debate concerns the use of extremely low-wage foreign workers, especially in the garment industry. In our complex global business...
As more and more customer-facing decisions are automated-from approving loans to pricing insurance to determine cross-sell offers-the determination of what constitutes a good decision becomes more complex. In fact, the more decisions are automated, the more potential they have for both positive and negative effects on your organization. To determine...
Affective Decision-Making ADM is a refutable and predictive theory of individual choice under risk and uncertainty. It generalizes expected utility theory by positing the existence of two cognitive processes - the "rational" and the "emotional" process. Observed choice is the result of their simultaneous interaction. This paper presents a model...
This paper proposes a constructed-choice model for general decision making. The model departs from utility theory and prospect theory in its treatment of multiple goals and it suggests several different ways in which context can affect choice. It is particularly instructive to apply this model to protective decisions, which are...
Risk management is not new. Insurance companies have been doing it for centuries. Unfortunately, they do not have an exemplary track record, as losses over the past decade have shown. Some risks have been badly managed and others completely overlooked. However, the industry's position has been changing rapidly over the...
Increasing demands on cost reduction, continuity of supply, and materials quality together with rapidly changing technology and intensifying competition have significantly broadened the scope of procurement, and elevated its stature at the corporate level. Modem purchasing managers may do more forecasting and planning, command greater decision-making authority, develop and implement...
Due to a variety of market pressures, nowadays enterprises are looking beyond IT outsourcing to find additional ways to realize cost reductions and enterprise-wide improvements. However business process outsourcing projects can prove disastrous unless companies select processes suitable for developing and maintaining a remote site, weather domestically or internationally. This...
Owing to its inherent modeling flexibility, simulation is often regarded as the proper means for supporting decision making on supply chain design. The ultimate success of supply chain simulation, however, is determined by a combination of the analyst's skills, the chain members' involvement, and the modeling capabilities of the simulation...
It has often been said that the nature of marine and energy business makes it more difficult to model or actuarially assess this sector. Notwithstanding this, it is undoubtedly true that the basic requirements of risk identification and analysis are increasingly becoming the first steps in both the buying and...
Recognizing the role of intangible assets in the economy and the unrealized potential these assets have on current and future value, companies are now seeking to understand the value of their intellectual assets as it relates to market capitalization and how to leverage that capital to its fullest extent. Firms...
Organizations that aspire to high performance have much to learn from the insurance industry over the last decade. Companies in that sector have been able to accelerate the transformation of insight to action by implementing automated decision-making in underwriting. By embracing innovative technologies and carefully managing their implementation, leading insurance...
Managers can be led into costly errors of judgement through cognitive biases and mental shortcuts. The paper examines behavioral finance, which has focused on asset pricing and behavior of the investors. Decision-making is being paid attention in the corporate realm. On the basis of managers training and experience, they might...
This paper suggests incorporating affective considerations into decision-making theory and insurance decision in particular. It describes decision maker with two internal accounts - the rational account and the mental account. The rational account decides on insurance to maximize expected perceived utility, while the mental account chooses risk perceptions, which then...
In this paper, the first cut information about an exploratory agent-based modeling project is presented where the aim is to develop a tool for intelligence analysts to employ in studying decision-making processes in closed political regimes such as Iraq, North Korea and Syria. The hybrid of the landscape metaphor (Kollman,...
Six Sigma has become the standard for product quality in this highly competitive world, but people are still wrestling with decision-making that is running at a less than one sigma success rate. In this world of continuous improvement it seems incomprehensible that people are still working with a decision-making process...
System dynamics models have been used to address strategic questions in many hundreds of companies and government agencies around the world over the past few years, including a broad range of organizations in the transport sector. However, this technique remains less well known than other approaches among potential client organizations...
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