Business leaders are faced with the need to make decisions every day. To succeed, they need to be able to understand what information is required and how to structure information in order to generate the best possible decisions from customers, organization stakeholders, or senior management.
- A purchasing manager has come across new information that may change the continued investment in a costly capital expenditure. How does he ensure that he’s not falling victim to default thinking that will lead him to potentially make a more costly decision in the long run?
- A finance manager must help a client make sound investment decisions. How does she present information to signal a worthwhile investment choice?
- A corporate growth manager has just completed a final round of interviews with three candidates. How can she can eliminate bias and make the best hiring decision for her organization?
In this new program, you’ll explore choice architecture and the inner workings of human biases and judgment. You’ll gain insights on how inherent bias or poorly structured information can significantly affect the decisions that are made for various business scenarios, such as what business strategy to employ, the potential to realize increased revenue, or how product information is structured on a website.
Through engaging case studies, discussion, and exercises, you’ll learn when and where flawed thinking can occur, how you can intervene, and how you can ultimately make smarter, more profitable decisions for your organization.
- Understand how heuristics and biases can affect the decisions you make everyday
- Explore the fast-growing fields of behavioral economics, behavioral insights, and behavioral decision making––and why they matter
- Discover the psychological factors that drive economic decisions––and how these impact your business and bottom line
- Understand how to leverage the power of “nudges” and behavioral interventions
- Improve your ability to forecast
- Learn to optimize business outcomes through choice architecture
- Human biases that affect judgment
- Conscious and unconscious choice-drivers
- The effect of emotion on judgment
- Judgmental errors that plague all organizations
- Ways to “de-bias” judgment
- Understanding of choice architecture
- Exploration of the origins of behavioral decision making
- Perception of risk, its impact on choices, and how to better communicate it
- Decision making under uncertainty and what an ideal decision looks like
Choice Architecture in Business
- How businesses and governments are using behavioral economics to design decision making
- The promises and pitfalls of forecasting
- Experimentation and data to optimize performance
- How to become an effective decision architect by redesigning the decision-making context
Who Should Enroll
The knowledge and skills in this program are applicable to anyone who is interested in bringing knowledge to their organization that could impact future business decisions. This program is designed for those in general management roles but would especially benefit those working in:
- Market research
- Product management
- Public relations
- Finance and investment