Peter Principle = You will rise to your level of incompetence and stay there. Why managers Fail
- Need to develop others = problems with interpersonal relationships, building an effective team - Diversify your portfolio of talents and contacts = dependency on a single skill; limited human capital; depend on a single mentor; limited social capital - Respond to and lead change = failed to follow through or persuade others. Difficulty in making transitions Leadership is the capacity to motivate, enable, and integrate a collection of individuals toward the success of a common goal or shared purpose. 1. Setting shared vision by repeating
2. motivate by your passion, meaning, purpose, fairness, choice and voice, to people’s interests and concerns. Lead by commitment 3. enabling via channels and not rely on incentive
4. integrate from diverse teams
5. self awareness and congruence in perception
Decision Making needs data on all four cells. Smoker vs Non Smoker and Lung cancer vs No Lung cancer overconfidence, discounting intuition, garbage in/garbage out Bias in with decision Making (Bazerman) (more below) – hindsight, assume other ppl know your knowledge (curse of knowledge) Lecture 3
Framing effect = Losses are more painful than gains are pleasurable. Confirmation bias = We only seek out and pay attention to evidence that confirms our initial expectations and deny the existence of any disconfirming info. Escalation of commitment = Investing additional resources in the hope of overturning an initial negative outcome. Need for respect and save face is a driving force of human nature Availability heuristic = events that are vivid, easily imagined, easily processed or consistent with memory structures (recalled) are judged to be more likely than equally probable events. Examples are more persuasive than statistics. Representativeness heuristic = we judge the likelihood of an event based on how closely its most salient dimension fits our stereotype...
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