Notes on Management 110422

As rational beings go, humans can be pretty irrational, found psychology professor Dan Ariely. Weighing in options while making decisions, we don't always act reasonably. How else do we explain wardrobes full of clothes we are never going to wear or buying things we don't need?

We are all freeloaders, analyzes Dan Ariely. At the mention of the word “free” our sense of judgment goes out the window and we lose all rationale to run after something that we perceive as valuable while costing us nothing.

A decoy is an option designed to drive you toward a particular choice. When considering a decision, be aware of the decoy option and make sure you make the decision you want.

The anchor data point in your decision making is the initial point against which you judge other options. Assess options based on merit rather than the anchor.

Often, you adopt a new behavior because other people are doing it. When confronted with a new option, question its relative merit; consider consequences and alternatives.

Free offers can lead to irrational purchase decisions. The cost of that decision in time, quality, effort, or space may be greater than money.

Non-cash rewards can be more motivating than money. Bring social norms—respect, time and appreciation—into your profession or work place to inspire trust and goodwill.

Procrastination is natural to the human condition. To overcome it, impose consequences for inaction and external accountability.

Pursuing every option is irrational and unproductive. To maxmize productivity, make decisions quickly and move forward.

Emeritus Book INsights on Predictably Irrational by Dan Ariely

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Notes on Management 160222

 Inspiration comes from deep within you, create effortless energy. Motivation comes from being pushed, by self(ego) or external force. You may like or not like the thing you are being motivated for.

The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.The retrievability and ease of recall biases indicate that the availability bias can substantially and unconsciously influence our judgment. We too easily assume that our recollections are representative and true and discount events that are outside of our immediate memory.

Social loafing refers to the concept that people are prone to exert less effort when working collectively as part of a group compared to performing a task alone. Social loafing is more evident in tasks where the contribution of each group member is combined into a group outcome, making it difficult to identify the contribution of a single person.

Scope creep (also called requirement creep, or kitchen sink syndrome) in project management refers to changes, continuous or uncontrolled growth in a project's scope, at any point after the project begins. This can occur when the scope of a project is not properly defined, documented, or controlled.

Net promoter score (NPS, rarely Net Promo Score) is a widely used market research metric that typically takes the form of a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend or colleague. The NPS assumes a subdivision of respondents into "promoters" who provide ratings of 9 or 10, "passives" who provide ratings of 7 or 8, and "detractors" who provide ratings of 6 or lower. Usually, users of the NPS perform a calculation that involves subtracting the proportion of detractors from the proportion of promoters collected by the survey item, and the result of the calculation is typically expressed as an integer rather than a percentage

My English Podcast "Lifebook" can be listened on the link https://anchor.fm/sanjay-gora7

My Hindi Podcast "Kitabi Keeda" can be listened on the link https://anchor.fm/sanjay-gora

Books written by me are available on Amazon, Flipkart and Notionpress sites.

https://www.amazon.in/s?i=stripbooks&rh=p_27%3ASanjay+Gora&ref=dp_byline_sr_book_1

https://www.flipkart.com/search?q=sanjay%20gora&otracker=search&otracker1=search&marketplace=FLIPKART&as-show=on&as=off

https://notionpress.com/author/36667

Notes on Management 010222

 By VR Ferose

Innovations happen when different kinds of people come together and do fundamentally different things. We can get inspired by social entrepreneurs who are at the forefront of innovation and they do so under extreme conditions for a cause.

Surround yourself with people who are better than you in at least one aspect, create a team, not a coterie. A misfit in a certain role could be a perfect fit in a different role.

The best innovations always happen under constraints of resources, time, and money. Challenge people to find radically different solutions and speed up processes.

Sometimes the best decision you can make is to not make one, wait to get more clarity before deciding. Good leaders can look at data and analyze it in novel ways. The role of great advisors is vital.

Look at failure as feedback. If you want to improve, you will have to do things differently and also do different things. The ability to take risks without excessive worry about failures is important. Start-ups don’t always do well but people who do start-ups always do well.

The best learnings come from looking at completely different and unconventional sources. So keep challenging the traditional way of viewing things. The most innovative companies are going to be those which have people who are good at different things.

The future workplace will have more managers on contract, and employees will be able to decide what they work on and who they work for. People will play a key role in running organizations, so it would be a more top-down structure.

Notes on Management 310122

 By Carol J Loomis, Lessons from Warren Buffett

You should make decisions based on objective data, thinking, and analyzing logically. These decisions generally turn out to be the right ones.

Definitely seek and take advice. However, at the end of the day, your own conviction and assessment of the situation is the best guide for action.

Keep a firm eye on metrics and numbers. As long as the numbers are looking good, you are on the right track. Also, trust your team to run the business.

Consider how leaving a vast fortune to your children could prove harmful. It can make them complacent. Instead, consider leaving money for social causes to build a better world.

If you already know an investment is good, why take risks with something new. Invest in it consistently since you already know you will get good returns.


By Ramesh Iyer
When you start understanding the customer experience, you start living their necessities. Empowering someone means completely trusting them, providing them solutions to problems, getting them to be transparent, and start reporting what is not working to help design a change.

If an asset can last for three years, give a loan for only two and half years so that the collateral protects the principal outstanding. Price the customer for the entire forecasted risk and the cost. You can control the risk by making the customer a partner in the asset which helps them earn and service the loan.

You must be willing to live the difficulty of the customer even though it is a non-productive loan. Making the female of the house either the co-borrower or guarantor of the loan builds pressure on the family to repay while reducing the chances of default. Differentiate between intentional and circumstantial failures.

Notes on Management 311221

 A job fit needs to meet three criteria. Skill fit, Value fit and Interest fit.

Avoid zero-sum thinking during negotiations.

Negotiate interests, not position.

Average managers play checkers(all pieces same), great managers play chess (more pieces different).

Social loafing is when in a group task, an individual chooses to work less thinking that others will anyway accomplish the task. Decrease in motivation and productivity in group setting.

The Köhler effect occurs when an inferior team member performs a difficult task better in a team or coaction situation than one would expect from knowledge of his or her individual performance.

Peter Drucker uses terms entrepreneurial judo and not invented here, nih, to explain how japanese used transistors to capture the radio market, replacing the vacuum tube radios.

Economics is akin to intelectual prostitution as powers decide what they want and then favour economists who share those views.

Grit is combination of passion and perseverance over a long period of time. (Angela Duckworth)

There is no right decision. There is only the decision itself and the willingness to accept its consequences.
At times, we always assume the worst in people. Someone puts you on a case because they think you are the best. And we think, it was done to put us in our place, which makes us the worst.
Sometimes an emphatic no is the last step you have to take before jumping in with two feet.
(Bluebloods)

BATNA can protect from 4 decision errors
1-Framing Error
2-Escalation of Commitment
3-Overconfidence
4-Negotiation without a standard