Decision Making
Today's business leaders are increasingly forced to make quick decisions. Good managers instinctively set out to make reasoned, well-thought-out judgment calls. Yet a rational approach to tackling decisions is only one side of the story. All too often, intuition becomes overemphasized. Personal biases begin to fundamentally influence – and fatally flaw – decision making. Would it not be better if the decision-making process was complemented by sound analysis?
Decision Making looks at both sides of the equation. Together with an international peer group and world-class faculty, the program combines practical experience with up-to-date theoretical concepts. In addition to discussing case studies and participating in individual and group exercises, participants will have the opportunity to explore – and tackle – common challenges in decision making.
The program is designed to help managers achieve greater insight and exercise sound judgment. You will deepen your decision-making skills and design more effective decision-making processes. You will also avoid common mistakes by learning to break down decision problems into manageable parts. In doing so, you will better be able to consider alternatives, assess all available information and identify relevant decision-making preferences. Finally, you will gain a greater understanding of your own personal biases in order to avoid their influence on future decisions.
Target Audience
General and functional managers who make pivotal decisions on issues affecting market entry, production site closure, products, investments or personnel.
Past Participants' Level of Responsibility
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Countries represented included Austria, Czech Republic, Egypt, France, Fürstentum Liechtenstein, Germany, Hungary, Italy, Romania, Russia, Slovakia, Spain, Switzerland, The Netherlands, Turkey, United Kingdom, and the USA.
Key Topics
Making good decisions
- Framing decisions
- Asking the right questions
- Making group decisions
- Creating effective decision-making processes
Negotiating risk
- Structuring decisions
- Managing uncertainty
- Evaluating alternatives
- Valuing additional information
Understanding decision-making psychology
- Identifying risk attitudes
- Recognizing personal bias
- Avoiding common pitfalls
Take-Home Value
- Improve business performance by developing a deep understanding of what drives effective and ineffective decisions
- Learn to identify the right questions, use appropriate frameworks and stop overanalyzing
- Avoid common decision traps
- Develop cooperative decision-making skills in situations where collaboration produces better outcomes
Meet the Faculty
Christoph Burger (Program Director)Full biography
Christoph Burger is a member of the faculty at ESMT and managing director of ESMT Customized Solutions GmbH.
He studied business administration and economics at the University of Saarbrücken (Germany), the Hochschule St. Gallen (Switzerland), and the University of Michigan, Ann Arbor (USA).
Robert L. Carraway
Full biography
Robert L. Carraway is the Senior Associate Dean for Degree Programs and the John L. Colley, Jr. Research Associate Professor of Business Administration at the Darden School of Business at the University of Virginia. He teaches decision, data, and risk analysis in Darden’s MBA program and these topics plus strategy, operations, and high performance leadership for executive education audiences.
ESMT European School of
