Lecture 9 Flashcards Preview

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Flashcards in Lecture 9 Deck (14):
1

before seeking advice...

...formulate independent judgement

otherwise we'll be biased
anchoring
mental contamination (Wilson & Brekke)

2

anchoring

anchoring - less separation b/w judgements when you hear someone's opinion

3

averaging diff judgements

incr accuracy of solutions more than putting more weight on one perspective (Larrick & Soll)

4

WOA

how much weight you're putting on someone else's opinion

5

being in a position of high power and getting advice

power makes people more competitive and self-focused (Tost)

ex. they don't adjust WOA when getting advice from expert

6

Thaler and Sunstein's research

ppl need nudges when:
- decisions are difficult (bc complex/require self-control)
- decisions are rare
- decision makers don't get prompt feedback

7

bright spots

positive outliers that arise from WITHIN firm, and then expanded upon

8

why bright spots > benchmarking?

- easier to ID steps that led to success
- can be captured as story (Ex. Marissa Mayer, Google) (Heath & Heath)
- ppl prefer in-house ideas ("we" created this, etc); benchmarking can threaten employee identity (Haslam)

9

stretch goals

constructing target so far from past accomplishments that employees can't achieve w/ current means/abilities

Ex. Southwest and 15 min turnaround

10

stretch goals and creativity

goals that seem impossible more likely to trigger creative planning/solutions (Sitkin)

11

stretch goals > "do your best"

specific, challenging goals lead to better planning quality
(r = .48, Smith, Locke and Barry)

12

nudging

shaping choice architecture

13

Chaos of rewards

flawed and subjective. Transparency in process is key.

14

powerful people tend to see things abstractly

-favor statistics over concreteness
- (over)emphasis on metrics
- vague euphemisms