Psychology of Decision-Making
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Questions and Answers

Qual caracteristica de decision-making es associat con loss aversion?

  • Risk-averse (correct)
  • Risk-taking
  • Certainty-seeking
  • Impulsive decision-making

    • Quale es le nomine del tendentie que individuals cercar certitude absolute in decision-making?

  • Loss aversion
  • Risk aversion
  • Certainty bias
  • Beware the lure of certainty (correct)

    • Quale es le beneficio de storytelling in managing organizational change?

  • It ignores stakeholders' involvement
  • It conveys messages, builds connections, and inspires action (correct)
  • It reduces employee engagement
  • It creates a sense of uncertainty

    • Quale strategie es utilisat per mitigar le impacto de bias in decision-making?

    <p>Developing self-awareness and practicing mindfulness</p> Signup and view all the answers

    Quale es le role de storytelling in shaping culture?

    <p>It builds brand identity</p> Signup and view all the answers

    Quale es le beneficio de engaging stakeholders during change?

    <p>It enhances understanding and support</p> Signup and view all the answers

    Quale es le caracteristica de storytelling que simplifica complexitate?

    <p>Simplifying complexity</p> Signup and view all the answers

    Quale es le impacto de storytelling on decision-making?

    <p>It influences decision-making</p> Signup and view all the answers

    Quale es le beneficio de active involvement of employees during change?

    <p>It fosters engagement and sense of ownership</p> Signup and view all the answers

    Quale es le importancia de clear and impactful communication strategies during change?

    <p>It is essential</p> Signup and view all the answers

    Study Notes

    Organizational Culture and Behavior

    • Organizational culture is a set of values, guiding beliefs, principles, and assumptions shared by organization members and taught to newcomers.
    • It guides behavior, is largely unwritten and implicit, and shapes attitudes and behaviors in lasting ways.
    • Cultural norms define what is encouraged, discouraged, accepted, or rejected within a group.
    • Culture is an exclusive lever, as it is anchored in unspoken behaviors, mindset, and social patterns.

    Functions of Organizational Culture

    • Internal Integration: creates a collective identity and means of matching methods of working and living together.
    • External Adaptation: involves reaching goals and dealing with external parties.

    Impact of Culture on Performance

    • Culture can unleash tremendous energy towards a shared purpose and foster an organization's capacity to thrive.
    • Culture is a strategic asset that contributes to a sustainable competitive advantage.

    Southwest Airlines Case Study

    • Business Model: focuses on low-cost operations, frequent and reliable service, and simplified pricing.
    • Low-Cost Operations: simplifies services, uses point-to-point route system, and saves $40 per passenger.
    • Frequent and Reliable Service: provides frequent flights, focuses on short-haul trips, and maintains high on-time performance.

    Competitive Advantages of Southwest Airlines

    • Cost Leadership: maintains low operational costs, with costs significantly lower than major competitors.
    • Employee Culture: fosters a strong employee culture, encouraging identification with the company, excellent customer service, and teamwork.
    • Loss Aversion: leads individuals to weigh potential losses more heavily than equivalent gains.

    Strategies to Mitigate Bias Impact

    • Planning decision-making meetings to encourage diverse perspectives.
    • Developing self-awareness to recognize personal biases.
    • Taking regular breaks to maintain cognitive clarity.
    • Practicing mindfulness to enhance decision-making quality.
    • Engaging in devil's advocacy to challenge assumptions.
    • Fostering inclusive environments that welcome dissent and diverse viewpoints.

    Impact of Storytelling

    • Builds brand identity, shapes culture, and influences decision-making.
    • Inspires action, builds trust, and drives organizational success.
    • Creates emotional connections, improves memorability, increases relatability, and simplifies complexity.

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    Description

    Explore the cognitive biases that influence our decision-making processes, including loss aversion and the lure of certainty.

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