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Should you trust your gut? Human psychological weaknesses when making decisions in the face of uncertainty

Agile Leadership Network Houston

Thursday, April 17, 2014 from 6:00 PM to 8:00 PM (CDT)

Should you trust your gut?  Human psychological...

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Agile Leadership Network, Monthly Chapter meeting Pre-registration Ended Free  

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Join us in our April 2014 meeting

 

Should you trust your gut?

 

Human psychological weaknesses when making decisions in the face of uncertainty

 

 

ABSTRACT: 

 

Evolution has prepared human beings very poorly for making decisions in an uncertain business environment.  Studies in social psychology by the likes of Daniel Kahneman, Amos Tversky, Richard Thaler, Dan Ariely, Cass Sunstein, and others have shown that much decision making is driven by emotions and biases – i.e., it is irrational in nature.  This has caused metaphorical earthquakes in the study of economics, much of which is grounded in the notion that people will make choices with whatever information they have at hand based on what is in their own best interest.  The rapidly rising field of Behavioral Economics puts forward the radical proposition that we should discover and model how people actually make decisions, rather than how we believe they ought to make decisions.

However, rather than simply accepting one’s irrationality, a good businessperson should at least attempt to mitigate these tendencies.  The first step toward improving one’s own decision making is to recognize one’s weaknesses as a human being.  This talk explores human psychological weaknesses when we try to make decisions in complex situations.  Topics covered include:

  • Risk aversion vs. loss aversion
  • The framing phenomenon

  • Logic vs. emotion vs. both

  • Seeking validation


SPEAKER : Patrick Leach

 

 

Patrick Leach has over thirty years of experience in the energy industry, ranging from New Orleans to Indonesia, Scotland, and now Houston.  He joined Decision Strategies Inc. in 2004 as a Senior Consultant, and became CEO of the company in August of 2011.  He is the author of Why Can't You Just Give Me the Number? - An executive's guide to using probabilistic thinking to manage risk and to make better decisions.  He was also an SPE Distinguished Lecturer during 2012-2013.

  

Mr. Leach has a B. Sci. degree from the University of Rochester and an MBA from the University of Houston.  He is a Charter Fellow in the Society of Decision Professionals, and holds memberships in the American Association of Petroleum Geologists, Society of Petroleum Engineers, the Decision Analysis Affinity Group, and the Institute for Operations Research and Management Science.


6:00-6:30 PM - Enjoy networking with ALN Houston members and visitors while enjoying refreshments. 

6:30-8:00 PM – presentation by Patrick Leach

 

Meeting Location

Sysco Corporation

1390 Enclave Parkway - Houston, Texas - 281-584-1390        

PARKINGPlease park in front of either Sysco building (1370 & 1390 Enclave Parkway).

If front lots are full, park on the street along Forkland Drive and walk around to the front entrance of 1390.

Also, due to construction, we suggest you avoid Eldride between I-10 and Memorial.

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Please join us in thanking our sponsors for their generous support of
Agile Leadership Network Houston

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PMPs may file for 1 PDU under Continuing Certification Requirements’ “Category 4: Other Providers."

Have questions about Should you trust your gut? Human psychological weaknesses when making decisions in the face of uncertainty? Contact Agile Leadership Network Houston

When & Where


Sysco Corporation
1390 Enclave Parkway
Houston, 77077

Thursday, April 17, 2014 from 6:00 PM to 8:00 PM (CDT)


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Organizer

Agile Leadership Network Houston

Agile Leadership Network Houston promotes the growth of agile practices, shares real world experiences with agility, and provides a networking forum for like-minded professionals.

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Should you trust your gut? Human psychological weaknesses when making decisions in the face of uncertainty
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