Hidden Flaws in Strategy

Topics:
Commercial Banking,
Strategic Planning and Analysis
Tags:
Flaw,
Management,
McKinsey & Co.,
Security,
Strategy
Source:
McKinsey & Company

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Overview: Why do top managers, steeped in theories of good business strategy, still make bad decisions? While ignorance and hubris sometimes play a role, the brain itself - how one thinks - is also a culprit. This insight from behavioral economics helps explain why one doesn't always think rationally and how the logical flaws can lead to bad strategic decisions. Simply being aware of flaws such as overconfidence, following the herd, and false consensus can help the strategist steer around them. Awareness won't put an end to bad strategy, but it may make good executives less likely to back bad strategies.

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Format: HTML | Pages: 9

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