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 LSE Executive Education Training Executive Decision Making: Strategies to Employ, Traps to Avoid 16‐17 October 2008 at Regent Esplanade Zagreb Presented by Dr. Matthew Mulford Course Description Our mind allows us to constantly make judgements and decisions with incredible skill. It often accomplishes this, by using a series of heuristics ‐ information processing ‘short cuts’. Unfortunately, those can create illusions which can lead to consistent, persistent, and exploitable patterns of error. During this training course we will identify many of the most common psychological traps and discuss how these predictable patterns can leave us open to others’ manipulation. The ability to identify and reflect on the type of decision being made, in what type of environment, can allow us to avoid some of these problems. By the end of the training, the participants will have greater insight into the psychology of judgement and decision making along with a greater ability to avoid some of the more common errors. The method followed is interactive and practical, combining theoretical aspects and empirical knowledge. Who should attend? This course is designed for individuals who must make important decisions and judgements under conditions of risk and uncertainty. The course will provide practical advice on how to avoid predictable mistakes that can lead the most accomplished managers and leaders to make disastrous decisions. As such, the course is appropriate for managers and leaders from both the private and public sectors as well as non‐profit organisations. Upon completion of the course, all participants will receive a LSE training certificate. Course Leader Dr Matthew Mulford, Senior Lecturer in Management, London School of Economics (LSE) joined the London School of Economics faculty in 1995. He received a Ph.D. from the University of Oregon where he worked in the Richard J Hill Institute of Social Cognition and Decision Making. He is currently the director of academic affairs for the TRIUM Global Executive MBA programme. This is a joint EMBA with New York University Stern Business School and the HEC School of Management in Paris. His research interests include the psychology of judgement and decision making in interdependent interactions; experimental game theory; negotiation theory; experimental research design. About LSE Executive Education The London School of Economics and Political Science is the world's leading social science institution for teaching and research. LSE Executive Education is wholly owned subsidiary of the London School of Economics (LSE). It provides executive education based on the considerable expertise of LSE academics in management, economics, and the social sciences. LSE Executive Education has a wealth of experience in designing, delivering and managing international executive education projects involving world‐leading LSE experts. Course Venue The training course will be hosted in the Paris Suite at the Regent Esplanade Hotel, a truly magnificent venue offering excellent facilities and natural daylight. To ensure personal attention and a strongly participative approach, the number of attendees will be limited, therefore booking in advance is highly recommended. Ways to register For more information and an online registration pack, please visit www.undp.hr, call + 385 (1) 667 1147, or email to [email protected]. Closing date for registrations is Monday, 13. October 2008. Course Programme Day One 9.15
WELCOME AND OVERVIEW 9.30 INTRODUCTION AND INDIVIDUAL PROBLEM SETS After a brief introduction, you will be asked to answer a set of questions. These will be done individually and your answers will be discussed during the next session. 10.45 Coffee Break 11.15 HEURISTICS AND BIASES In this section we will introduce you to a series of common ways in which our minds process information and make choices. These lead to several paradoxes and decision anomalies. In order to try to avoid these traps, we will identify the types of decision environments most likely to be affected. 13.00 Lunch 14.00 BEHAVIOURAL ECONOMICS AND FINANCE In this session we will further develop the themes introduced in Session 2, with particular attention to decisions with direct economic and finance implications. 15.15 Coffee Break 15.45 STRATEGIC CHOICES AND GAME THEORY Some of the most difficult decisions managers make involve anticipating the ‘moves’ of other ‘players’ in complex ‘games’ of strategy. Game Theory is an approach which can help managers anticipate the decisions of others and therefore choose optimal strategies for their businesses. Here we will explore how this powerful tool can help you understand the basic structure of competitive interactions. 17.00 END OF DAY ONE Day Two 9.00 THINKING BACKWARDS AND FORWARDS – AT THE SAME TIME! Trying to decide why something happened is intimately connected to the process of trying to predict what will happen. This session will explore how to improve looking forward by using better methods of looking back. 10.45 Coffee Break 11.00 MAKING TRADEOFFS – A GUIDE TO TOUGH, MULTI‐DIMENSIONAL DECISIONS Most of our toughest decisions involved issues or dimensions which are not easily compared. This session will present a useful guide to work through difficult tradeoffs involved in many of our toughest choices. 12.45 Refreshment Break 13.15 FAIRNESS IN DECISION MAKING How do people judge whether a given decision is ‘fair’? Whether a decision is a good one or not and whether it will be perceived as fair by important stakeholders are often different things. This session will explore how people make assessments of fairness and how it might affect your decisions as a manager. 14.30 COURSE SUMMARY