Framing Decisions - Decision Making That Accounts for Irrationality, People Constraints

Informationen zum Autor J. DAVIDSON FRAME is academic dean and cofounder of the University of Management and Technology (UMT) in Arlington, Virginia, one of the first fully online degree-conferring universities in the United States. Prior to joining the UMT faculty, he served as chairman of the Department of Management Science at George Washington University. Frame is the author of four prior books with Jossey-Bass, including the business bestseller Managing Projects in Organizations, Third Edition . He is a fellow of the Project Management Institute (PMI), where he received PMI's Outstanding Contribution Award and was named PMI's Person of the Year. Klappentext The economic crisis of 2008-2009 was a transformational event: it demonstrated that smart people aren't as smart as they and the public think. The crisis arose because a lot of highly educated people in high-impact positions-- political power brokers, business leaders, and large segments of the general public--made a lot of bad decisions despite unprecedented access to data, highly sophisticated decision support systems, methodological advances in the decision sciences, and guidance from highly experienced experts. How could we get things so wrong? The answer, says J. Davidson Frame in Framing Decisions: Decision Making That Accounts for Irrationality, People, and Constraints, is that traditional processes do not account for the three critical immeasurable elements highlighted in the book's subtitle-- irrationality, people, and constraints.Frame argues that decision-makers need to move beyond their single-minded focus on rational and optimal solutions as preached by the traditional paradigm. They must accommodate a decision's social space and address the realities of dissimulation, incompetence, legacy, greed, peer pressure, and conflict. In the final analysis, when making decisions of consequence, they should focus on people - both as individuals and in groups.Framing Decisions offers a new approach to decision making that gets decision-makers to put people and social context at the heart of the decision process. It offers guidance on how to make decisions in a real world filled with real people seeking real solutions to their problems. Zusammenfassung Framing Decisions offers executives an understanding of what decision-making entails, what the traditional paradigm has preached, and how a new decision-making paradigm can remedy the deficiencies of the old. Inhaltsverzeichnis List of Figures xi Preface xiii 1 An Evolving Decision-Making Paradigm 1 The Traditional Paradigm 3 The Real World 5 Rethinking Decision Making 8 The Cognitive Challenge 15 Adjusting to the New Paradigm 16 Conclusion: It Isn't Easy Getting It Right 18 2 Decisions and Decision Making 21 Different Perspectives on Decision Making 25 Rational, Irrational, Nonrational Decisions 38 Dealing with Unknowns 42 3 The Social Context of Decision Making 47 The Social Context 49 The Social Space of Decision Making 51 Allison's Multiple Perspectives on Decision Making 52 The Link Between Stakeholder and Decision-Maker 55 The Implementation Challenge 56 Accommodating External Forces 57 Conclusion 58 4 The Organizational Dimension 61 Organizational Structure 62 Organizational Process 69 People in Organizations 71 Organizational Culture 72 Conclusion 85 5 The Moral Dimension 87 Broad Categories of Moral Failings 89 Moral Hazard 101 Principal-Agent Dilemma 107 Morality, Ethics, and Legality: They Are Different 109 Last Word 111 6 People as Decision-Makers 115 Factors That Affect How Individuals Make Decisions 116 A Unique Perspective on Personality and Decision Making: ...

List of contents

List of Figures xi
 
Preface xiii
 
1 An Evolving Decision-Making Paradigm 1
 
The Traditional Paradigm 3
 
The Real World 5
 
Rethinking Decision Making 8
 
The Cognitive Challenge 15
 
Adjusting to the New Paradigm 16
 
Conclusion: It Isn't Easy Getting It Right 18
 
2 Decisions and Decision Making 21
 
Different Perspectives on Decision Making 25
 
Rational, Irrational, Nonrational Decisions 38
 
Dealing with Unknowns 42
 
3 The Social Context of Decision Making 47
 
The Social Context 49
 
The Social Space of Decision Making 51
 
Allison's Multiple Perspectives on Decision Making 52
 
The Link Between Stakeholder and Decision-Maker 55
 
The Implementation Challenge 56
 
Accommodating External Forces 57
 
Conclusion 58
 
4 The Organizational Dimension 61
 
Organizational Structure 62
 
Organizational Process 69
 
People in Organizations 71
 
Organizational Culture 72
 
Conclusion 85
 
5 The Moral Dimension 87
 
Broad Categories of Moral Failings 89
 
Moral Hazard 101
 
Principal-Agent Dilemma 107
 
Morality, Ethics, and Legality: They Are Diff erent 109
 
Last Word 111
 
6 People as Decision-Makers 115
 
Factors That Affect How Individuals Make Decisions 116
 
A Unique Perspective on Personality and Decision Making: Elliott Jaques, Human Capability, and Time Span of Discretion 135
 
Conclusion 138
 
7 The Wisdom-and Foolishness-of Crowds 141
 
Individual Versus Group Decision-Participation Spectrum 141
 
Making Decisions in Groups 148
 
Degrees of Consensus 150
 
Defining Consensus 150
 
Reaching a Decision 159
 
The Wisdom and Foolishness of Crowds 162
 
Honeybee Decision Making 173
 
8 The Biology of Decision Making 177
 
Brain Basics 178
 
The Lazy Brain 179
 
Visual Illusions: What You See Isn't What You Get 186
 
Examples of Visual Illusions 189
 
Brain Deception Beyond Visual Illusions 197
 
The Maturing Brain 200
 
Conclusion 207
 
9 Toward an Empirically Rooted Understanding of Decision Making 211
 
In the Beginning: Toward an Empirical View 213
 
Evidence of Unconscious Deliberation in Decision Making: Three Empirical Approaches 214
 
The Contribution of Empirical Research: Where Do We Stand? 228
 
Empirical Research on Decision Making in the Neurosciences 232
 
The Contribution of Neuropsychology Research: Where Do We Stand? 241
 
The Need for Research on Decisions of Consequence 242
 
10 Seven Lessons 247
 
Seven Lessons for Highly Effective Decision-Makers 248
 
Last Word 258
 
References 261
 
Acknowledgments 267
 
The Author 269
 
Index 271

Product details

• Authors: J Davidson Frame, J. Davidson Frame, Jd Frame, Frame J. Davidson
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 11.12.2012
• EAN: 9781118014899
• ISBN: 978-1-118-01489-9
• No. of pages: 304
• Subjects: Social sciences, law, business > Business > Management; Management, Entscheidungsfindung, Business & management, Wirtschaft u. Management, Theorie der Entscheidungsfindung, Decision Sciences