- Paperback: 192 pages
- Publisher: Wiley; 5th edition (July 13, 2001)
- Language: English
- ISBN-10: 047139887X
- ISBN-13: 978-0471398875
- Product Dimensions: 6.1 x 0.3 x 9.4 inches
- Shipping Weight: 9.8 ounces
- Average Customer Review: 3.7 out of 5 stars See all reviews (6 customer reviews)
- Amazon Best Sellers Rank: #1,992,103 in Books (See Top 100 in Books)
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Judgment in Managerial Decision Making (5th Edition) 5th Edition
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From the Back Cover
IS YOUR JUDGEMENT INFLUENCED BY PERSONAL BIASES?
In situations requiring careful judgment, we're all influenced by our own biases to some extent. But, with Max Bazerman's JUDGMENT IN MANAGERIAL DECISION MAKING, you can learn how to overcome those biases to make better managerial decisions.
The text examined judgment in a variety of organizational contexts, and provides practical strategies for changing your decision-making processes and improving these processes sp that they become part of your permanent behavior. Throughout, you'll find numerous hands-on decision exercises and examples from the author's extensive executive training experience that will help you improve the quality of your managerial judgment.
Now with a brand new chapter on investing
Revised to address the exciting new field of behavioral finance, the new Fifth Edition features a completely new chapter, Common Investment Mistakes (Chapter 7). The new chapter applies the book's main concept to the domain of investing.
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Top Customer Reviews
The only major weakness in the book has to do with its discussion of the multiparty decision-making process. Because of the complex dynamics of these multiparty situations, Bazerman is forced to limit his coverage to only a select number of issues that he believes are especially pertinent to understanding decision making among several groups. Academics have also spent less formal research time on multiparty decision-making versus two-party and individual decision making. Therefore, the number of real-world contemporary examples are quite limited, making the reader less inclined to believe the results.
Amazingly, the author seems to think that examples are a bad idea, Also, quotes were not to be found.
As Ambrose Bierce said, "The covers of this book are too far apart."
- Rational decision making process
- Biases that affect managers' judgments
- Psychological factors that explain how managers respond to uncertainty
- Why managers make nonoptimal decisions to justify a previous commitment
- Inconsistencies of judging fairness
- Motivational biases
- Optimization in two-party negotiations
- Judgments in multiparty negotiations
- Additional decision making strategies
After reading Judgment in Managerial Decision Making, the reader will be able to make more rational managerial decisions. The concepts Bazerman explains will help all readers improve their decision-making process, even under the contraints of time, cost, intelligence, and perception.
Bazerman's focus on common decion biases and heuristics makes us think a lot about how we make decisions and normally has nothing to do with rational quantitative "perfect world" decision making normally teached at business schools. Do read this book if Decision Making Theory is important for you, this is really a classic on this subject!!!! With less than 200 pages you really can't afford not reading it.