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Business Skills

Business Skills. Decision Making & Problem solving Negotiation Planning Evaluating Performance Business strategy. Leadership Skills. Motivating talent Developing & communicating vision Goal setting Persuasion Persistence. How today’s competencies are taught.

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Business Skills

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  1. Business Skills • Decision Making & Problem solving • Negotiation • Planning • Evaluating Performance • Business strategy Leadership Skills • Motivating talent • Developing & communicating vision • Goal setting • Persuasion • Persistence

  2. How today’s competencies are taught

  3. Cognitive Factors Leading to Poor Decisions Using Relevant Information Sharing Information Noticing Information Bounded Awareness Poor decisions

  4. Not SHARING Information limits awareness which leads to poor decisions Not Sharing information Bounded Awareness Poor Decisions

  5. Consider Negotiation Exercise • The best outcome could be that both parties got all the fruit that was available and saved $$ on the bid

  6. Students Reflect on “information sharing” in Negotiation Exercise • Describe what information you didn’t share AND explain how that led to a negative outcome • OR • Describe what information you shared AND explain how that led to a positive outcome

  7. Not sharing information Bounded Awareness Poor Decision • What members do in groups • Discuss common information because it is agreed upon & rewarded with support • Do not discuss unique information they have • Do not seek out unique information that others may have

  8. Not sharing information Bounded Awareness Poor Decision

  9. Students plan on “information sharing” in Group Project • How will you ensure that information is shared in the group project? • common information • unique information • What steps have you already taken to ensure that information is shared in the group project

  10. Not using RELEVANT information limits awareness which affects the quality of decisions Not using relevant information Bounded Awareness Poor Decision Quality

  11. Students Reflect on ‘using relevant information’ in Negotiation Exercise • What relevant information did you not use/share in the negotiation discussion AND explain how that led to a negative outcome • OR • What relevant information did you use in the negotiation discussion AND explain how that led to a positive outcome

  12. Not using relevant information Bounded Awareness

  13. Not using relevant information Bounded Awareness

  14. Students plan on “using relevant information” in Group Project • How will you ensure that RELEVANT information is used in the group project? • What steps have you already taken to ensure that RELEVANT information is used in the group project?

  15. Not NOTICING information limits awareness which affects the quality of decisions Not Noticing information Bounded Awareness Poor Decision Quality

  16. What affects whether you notice information? Focus on certain types of information Expectations about existing information Gradual changes in environment Amt of Information Noticed

  17. Expectations about information Limits Information Noticed

  18. Focus on certain types of information Limits Information Noticed Those who were told to watch superimposed videos of teams playing at different times AND who were asked to count the number of passes between members wearing the same jerseys did not notice woman walking with open umbrella on court

  19. Limits Information Noticed Gradual changes in environment

  20. Students plan on how you will notice the information that is out of your awareness during the Group Project • Give concrete examples of how you will ensure that you will notice information by enabling possibility of • change your focus • changing your expectations, • monitoring degree of changes in environment

  21. Summary of Cognitive Factors that Can Inhibit your Decision Quality • Need to locate information that is out of your awareness to improve decision quality • Locate out of awareness information by • Perceiving it • changing focus, changing expectations, environment type • Using relevant bits • Sharing it with each other

  22. Motivational biases to our judgments Bias in judgments Attachment

  23. How evidence supports the link Attachment Plaintiffs (in an accident) predicted that they would receive larger awards from the judge than did defendants Bias in Judgment

  24. How evidence supports the link Given a pay rate of $25 for 7 hrs, those who worked 10 hrs thought they should be paid $35 for 10 hrs of work (equal hourly pay) whereas those who worked 7 hrs thought the 10 hr workers should be paid $30 (equal total pay) Attachment Bias in Judgment

  25. How evidence supports the link Attachment Sellers’ auditors were more biased than buyers’ auditors despite an incentive for accuracy Bias in Judgment

  26. What’s next.. • Theoretical Understanding via lecture on Bazerman et al Readings • Cognitive & motivational factors • Practical Application of knowledge gained by doing/planning for the Group Project

  27. Potential Exam Questions on COGNTIVE biases in Group Project • How did your group fail/succeed in locating information out of awareness in terms of • Noticing it • focus, expectations, environmental changes • Using relevant bits • Sharing it

  28. Potential Exam Questions on MOTIVATIONAL biases in Group Project • How did attachment play a role in biasing group members’ judgments? OR • How might you prevent the effects of attachment on judgments in your group project

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