Strategy process
5 important questions on Strategy process
What biases are there in decision making?
Confirmation bias & groupthink
Loss aversion
Statusquo bias
Preference for even allocations
Sunk cost fallacy
Counter confirmation bias?
Strong checks and balances with independent review
Establish a challenger team
Do a pre-mortem analysis
Counter loss aversion?
Zero-based budgeting
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
Counter status quo?
Risk analysis as rigorous as any change options
Counter sunk cost?
Be prepared to kill strategic experiments early
Use gated funding for strategic investments
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding