Improving decision value through behavioural strategy
Below is a link to a summary on an article written by Dan Lovallo and published in the McKinsey Quarterly earlier this year. The document discusses the impact of biases on strategic decisions and goes so far as to calculate the improved return on investment of a decision if the decision process is improved – a not unsubstantial 6,9 percentage points.
The article also offers some ideas as to how to counteract these biases – albeit a little simplistically and linearly in our humble opinion. But the summary and the article are well worth a read if you wish to improve your own strategic decision-making process.