Every leader must make complex decisions, analyse risk and map out clear plans of action. Strategic Analysis and Decision Making enhances managers’ abilities to obtain insights and exercise judgment by deepening their decision-making skills and helping them to design more effective choice processes.
TMS Academy, the integrated leadership arm of Temasek Management Services (TMS), conducted a 2-day training on March 13 and 14, 2017 at the Grand Copthorne Waterfront hotel for young managers from multinational companies in Singapore. Designed to help them gain a broader perspective on managing complex decisions, the overarching theme of the programme taught participants how to use analysis to augment their intuition and experience in decision making.
Facilitated by Robert Carraway, the Associate Professor of Business Administration at the Darden Graduate School of Business Administration from the University of Virginia, the sessions required participants to deal with a series of tough and provocative business decisions from real case situations. This in turn helped them develop powerful insights into effective decision-making processes and styles, by avoiding common decision traps and over analysis. Ultimately the simulations lead them to hone their skills and develop capabilities to turn risks into opportunities and improve business performance overall. "I really enjoyed learning about biases in decision-making, as well as the need to avoid the viewpoint/agenda of other player so as to be more strategic," shared one participant, an Associate Director at an investment company." "The ability to bring out thinking of all aspects in any decision making, not just quantitative aspects is certainly key to making better strategic decisions," commented another partaker, a Vice President of Investments.
Robert Carraway is the Associate Professor of Business Administration at the Darden Graduate School of Business Administration, University of Virginia. With a background in quantitative analysis and formerly Darden's senior associate dean of degree programs, he consults and teaches around the world on the integration of analysis and intuition/judgment in making real world business decisions, particularly in the innovation space. Professor Carraway has designed and taught extensively in Darden School and private executive programmes on various topics that include strategy and leadership, capital budgeting and negotiating. He is consistently rated as one of the top teachers at Darden School of Business, renowned for the excellence of its teaching faculty, and has been voted Faculty Marshal by Darden's graduating MBA class twice. He is also the founding director of the Darden Progressive Incubator for entrepreneurial start-ups
The average manager makes about three billion decisions a year. A study by Harvard Business School published in 2016 found that only 2% of 500 managers and executives regularly apply best practices when making decisions.