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Improving dynamic decision making through training and self-reflection

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Author

Summary, in English

The modern business environment requires managers to make effective decisions in a dynamic and uncertain world. How can such dynamic decision making (DDM) improve? The current study investigated the effects of brief training aimed at improving DDM skills in a virtual DDM task. The training addressed the DDM process, stressed the importance of self-reflection in DDM, and provided 3 self-reflective questions to guide participants during the task. Additionally, we explored whether participants low or high in self-reflection would perform better in the task and whether participants low or high in self-reflection would benefit more from the training. The study also explored possible strategic differences between participants related to training and self-reflection. Participants were 68 graduate business students. They individually managed a computer-simulated chocolate production company called CHOCO FINE and answered surveys to assess self-reflection and demographics. Training in DDM led to better performance, including the ability to solve initial problems more successfully and to make appropriate adjustments to market changes. Participants' self-reflection scores also predicted performance in this virtual business company. High self-reflection was also related to more consistency in planning and decision making. Participants low in self-reflection benefitted the most from training. Organizations could use DDM training to establish and promote a culture that values self-reflective decision making.

Publishing year

2015

Language

English

Pages

284-295

Publication/Series

Judgment and Decision Making

Volume

10

Issue

4

Document type

Journal article

Publisher

Society for Judgment and Decision Making

Topic

  • Business Administration

Keywords

  • dynamic decision making
  • complex problem solving
  • training
  • self-reflection
  • microworlds
  • strategies

Status

Published

ISBN/ISSN/Other

  • ISSN: 1930-2975