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European School of Management and Technology

The art of Decision Making

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Description

Combine rationality and intuition to achieve better decision-making processes.

Today’s business leaders are increasingly forced to make quick decisions. Good managers instinctively set out to make reasoned, well-thought-out judgment calls, yet a rational approach to tackling decisions is only one side of the story. Too often, too much emphasis is placed on intuition, and personal biases begin to influence – and fatally flaw – the decision-making process. This process should be complemented with sound analysis.

The Art of Decision Making (DMA) looks at both sides of the equation. Practical experience is merged with up-to-date theoretical concepts. In addition to discussing case studies with an international peer group and a distinguished faculty and participating in individual and group exercises, participants will explore and tackle common decision-making challenges.

The program is designed to help managers achieve greater insight and learn to exercise sound judgment by honing decision-making skills and designing more effective group processes. Participants will learn to avoid common decision-making mistakes by breaking problems into manageable parts, effectively analyzing information, considering alternatives, and identifying the objectives they need to achieve. Finally, participants will gain a greater understanding of their own personal biases, how these affect the decisions they make, and how to avoid their influence on future decisions.

The German language alternative program is “Die Kunst der Entscheidungsfindung” (ENT).

Key benefits

  • improve business performance by developing a deeper understanding of what drives effective versus ineffective decisions
  • learn to ask the right kinds of questions, use appropriate frameworks, and stop overanalyzing to avoid common decision traps
  • develop cooperative decision-making skills in situations where collaboration produces better results

Key topics

Making good decisions

  • Managing uncertainty
  • Evaluating alternatives
  • Valuing additional information

Understanding decision-making psychology

  • Identifying risk attitudes
  • Recognizing personal bias
  • Avoiding common pitfalls

Optimizing group processes

  • Combining different decision making aspects
  • Contributing to group decision processes
  • Understanding different decision making approaches

Who should attend

Managers and consultants who make pivotal decisions on issues affecting market entry, production site closures, products, investments, or personnel.

Experts

Christoph Burger is senior lecturer and senior associate dean executive education at the European School of Management and Technology. Before joining ESMT, he worked five years in industry at Otto Versand and as vice president at the Bertelsmann Buch AG, five years at consulting practice Arthur D...
Before joining ESMT Berlin, Jens Weinmann was project manager of the Market Model Electric Mobility, a research project financed by the German environmental ministry (BMU). From 2007 to 2009, he worked as manager at the economic consultancy ESMT Competition Analysis. Further consulting experience...

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