Cognitive biases and their impact on strategic planning

Cognitive biases and their impact on strategic planning Subjective judgements by planners and managers are a major component in the process of strategic planning. If such judgements are faulty, efforts at better strategic plans are likely to be misdirected. This paper discusses those biases which appear common to both managers and planners when they make judgements about risk. Implications of biased judgement are discussed in a planning context. Although we still do not know the best ways to elicit judgements, the paper concludes with a discussion of subjective sensitivity analysis which appears to offer some hope. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategic Management Journal Wiley

Cognitive biases and their impact on strategic planning

Strategic Management Journal, Volume 5 (2) – Apr 1, 1984

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Publisher
Wiley
Copyright
Copyright © 1984 John Wiley & Sons, Ltd.
ISSN
0143-2095
eISSN
1097-0266
DOI
10.1002/smj.4250050204
Publisher site
See Article on Publisher Site

Abstract

Subjective judgements by planners and managers are a major component in the process of strategic planning. If such judgements are faulty, efforts at better strategic plans are likely to be misdirected. This paper discusses those biases which appear common to both managers and planners when they make judgements about risk. Implications of biased judgement are discussed in a planning context. Although we still do not know the best ways to elicit judgements, the paper concludes with a discussion of subjective sensitivity analysis which appears to offer some hope.

Journal

Strategic Management JournalWiley

Published: Apr 1, 1984

References

  • The concept of correlation in adults
    Smedslund, Smedslund
  • Screening policy options: an approach and a case study example
    Thomas, Thomas

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