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Judgment in Managerial Decision Making

288 pages, 2012

Takeaways
Description

Managerial Decision Making, 8th Edition is filled with the latest research and theories. By examining judgment in a variety of managerial contexts, the authors weave behavioral decision research into the organizational realm. 

Behavioral decision research provides many important insights into managerial behavior, from negotiation to investment decisions, giving students the opportunity to understand their own decision-making tendencies, learn strategies for overcoming cognitive biases, and become better decision-makers.

Understanding Biases

In 'Judgment in Managerial Decision Making', Max H. Bazerman explores the concept of biases and how they can impact our decision-making process. He encourages readers to recognize their own biases and understand how they can cloud judgment. This is a crucial step in making more informed and rational decisions.

The Importance of Ethical Decision Making

Bazerman emphasizes the importance of ethical decision making in management. He suggests that ethical considerations should always be a part of the decision-making process, not an afterthought. This can lead to more responsible and sustainable business practices.

Negotiation Skills

One of the key takeaways from the book is the importance of negotiation skills in managerial decision making. Bazerman provides practical tips and strategies to improve negotiation skills, which can lead to better outcomes in business and personal situations.

The Role of Emotions in Decision Making

The book also explores the role of emotions in decision making. It's easy to let emotions cloud our judgment, but Bazerman encourages readers to understand and manage their emotions to make more rational decisions. This can lead to better results in both personal and professional life.

Improving Decision Making Skills

Finally, 'Judgment in Managerial Decision Making' provides practical strategies to improve decision-making skills. From understanding biases to managing emotions, the book offers a comprehensive guide to making better decisions. So, if you're looking to improve your decision-making skills, this book is a must-read.

Recommendations

2
authorCharlie Munger, entrepreneur and investor, Recommending BestBooks

Charlie Munger

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Michael Mauboussin

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