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Managerial Decision Making

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Isa Witte

on 29 July 2014

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Transcript of Managerial Decision Making

Managerial Decision-Making
- A journey through time -

Managers @ Work
Elena Buchheidt & Isa Witte

Managerial Decisions in the Past
Strategic Planning
Management as Science
universal theories
single correct strategy
Strategic Planning
"The best management is a true science, resting upon clearly defined laws, rules, and principles"
- Frederick W. Taylor
Management as Science
purely analytical approach
reliance on hard data only
incomplete analysis
Ghoshal (2005); Kiechel III (2012); Mintzberg (2011)
Major Shifts
From Science to Practice
From Reaction to Proaction
From Shareholder to Stakeholder View
Changing Environment
From Science to Practice
Strategic Process

Testing of Scenarios
From Reaction to Proaction
consumer focus
increasing complexity
From Shareholder to Stakeholder View
How to solve them?
Changing Environment
We have to cease being mesmerized by the numbers and stop letting the hard information drive out the soft
- Mintzberg (2011)
Ghoshal (2005); Kiechel III (2012); Kaptein & Lindgreen (2012); Mintzberg (2011)
Franken & Thomsett (2013); Kiechel III (2012)
Franken & Thomsett (2013); Kriger & Zhovtobryukh (2013); Lockx (2014); Pless (2013)
Franken & Thomsett (2013); Nixon (2012)
Economic Value
Value for Society
Porter & Kramer (2011);
Smith et al. (2012)
Kiechel III (2012)
Kaptein & Lindgreen (2012)
Schwenker & Wulf (2013)
Ghoshal (2005); Kaptein & Lindgreen (2012)
Chermack, T. J. (2011). Scenario planning in organizations: How to create, use, and assess scenarios. San Francisco, CA: Berrett-Koehler.

Erez, A., & Grant, A. M. (2014). Separating data from intuition: Bringing evidence into the management classroom. Academy of Management Learning & Education, 13(1), 104-119.

Fanken, A., & Thomsett, H. (2013). When it takes a network: Creating strategy and agility through wargaming. California Management Review, 55(3), 107-133.

Ghoshal, S. (2005). Bad management theories are destroying good management practices. Academy of Management Learning & Education, 4(1), 75-91.

Gieske, R. (2014).
Personal conversation

Jordan, J., Brown, M. E., Treviño, L. K., & Finkelstein, S. (2013). Someone to look up to: Executive-follower ethical reasoning and perceptions of ethical leadership. Journal of Management, 39(3), 660-683.

Kahneman, D., Lovallo, D., & Sibony, O. (2011). The big idea: Before you make that big decision. Harvard Business Review, June, 50-60.

Kaptein, M., & Lindgreen, E. R. (2012). Steered by sensitivity: A plea for more intuition in the boardroom. KPMG, 3-33.

Kiechel III, W. (2012). The management century.
Harvard Business Review, 90
(11), 62-75

Kriger, M., & Zhovtobryukh, Y. (2013). Rethinking strategic leadership: Stars, clans, teams and networks. Journal of Strategy and Management, 6(4), 411-432.

Lockx, A. (2014).
Managers' Forum Discussion

Mintzberg, H. (2011). Managing. Harlow, England: FT Prentice Hall.

Nixon, S. (Producer). (2012).
Solving wicked problems
[Video file]. Retrieved on May 20, 2014 from

Pless, N. M., Maak, T., & Waldman, D. A. (2012). Different approaches toward doing teh right thing: Mapping the responsibility orientations of leaders.
Academy of Management Perspectives, 26
(4), 51-65.

Porter, M. E., & Kramer, M. R. (2011). The big idea: Creating shared value. Harvard Business Review, January-February, 62-77.

Rosenzweig, P. (2013, November). What makes strategic decisions different? Harvard Business Review, 72(1), 107-114.

Schwenker, B., & Wulf, T. (2013). Scenario-based strategic planning. Wiesbaden, Germany:Springer Gabler.

Smith, W. K., Besharov, M. L., Wessels, A. K., & Chertok, M. (2012). A paradoxical leadership model for social entrepreneurs: Challenges, leadership skills, and pedagogical tools for managing social and commercial demands.
Academy of Management Learning & Education, 11
(3), 463-478.
Importance of Balance among
- Rationality
- Intuition
- Experience
“For me it is always important to keep the balance between an economic and a social value of the solution we provide.
We think that people should not change their personality but rather adapt their attitudes and behavior to regain the striving required for a successful person-job fit.”
“I do my job because I love the work and I want my team to feel the same about their job; hence I actively try to maintain an atmosphere that is creative, dynamic and inspiring”
continuous information exchange
integration of various perspectives
Full transcript