Today, I don;t write on investments, I prefer to play a quiz with you instead.
Today let's be honest to yourself and answer my questions. You will see how irrational you are.
The question is : Suppose I offer you a choice between a free 10 Amazon gift certificate and a 20 gift certificate for 7 dollars. Think quickly, and answer yourself, Which would you take?
THINK THINK THINK .....
If you jump for the 10 dollars certificate for FREE!, you would have been like most of the people some scholars tested at one of the malls in Boston.
The irrational point is that the 20 dollars gift certificate for 7 dollars assures a 13 dollars profit while the FREE option delivers 10 dollars. It's clear that go for the 20 dollars certificate is better than the 10 dollar FREE option which only delivers 10 dollars profit.
Can you see the irrational behaviours we have chosen? Or, are you a rational or irrational people? I am irrational haha!
The attractiveness showed that the FREE! option is clearly in its own class of choice. It triggers own irrational mind in this experiment.
I will share again on this topic in the coming few days, that's interesting!
Interesting reading. Enjoy behavioural economics. Make the subject simple, more people will enjoy it.
Do you prefer the 10 dollars profit or the 13 dollars offer?
Showing posts with label book. Show all posts
Showing posts with label book. Show all posts
Thursday, May 19, 2016
Wednesday, April 27, 2016
How to cope with change with weak signals?
Today, change management is at the heart of manager's daily jobs.
The challenge is that the future is shaped by non linear changes (i.e. abrupt changes and large scale changes are involved) and chance events. How can we prepare our organisation to respond to these changes?
In a HBR article, it is argued that companies have to recognise the weak signals that herald important changes to the business and identify the opportunities they present.
There must then develop a program of experimentation to distill and scale unpromising ideas. Therefore, organisation can consider some pilot test and small scale implementation at the beginning of the change process. After creating a critical mass and the publication of successful stories, the change initiatives will be implemented much more smoothly, gradually to the whole organization.
The organization must interpret the weak signals as opportunities, as risk, or as both. Another challenge is that the weak signal can be real signals or just noise. It is the manager's responsibilities to separate real changes ahead and those noisy signals.
There are five important questions to be asked. They are as follow:
1. Who will be your customers in the future? What will be their priority?
2. What disruptive technologies might open up new opportunities spaces?
3. Whom will you be competing against in the future, and on what basis?
4. Will your go-to-market approach change fundamentally inn the future?
5. What are the potential regulatory reforms?
Upon your answering to these questions, you may well aware some new changes or ideas evolved.
Good luck to you -- our everyday manager.
The challenge is that the future is shaped by non linear changes (i.e. abrupt changes and large scale changes are involved) and chance events. How can we prepare our organisation to respond to these changes?
In a HBR article, it is argued that companies have to recognise the weak signals that herald important changes to the business and identify the opportunities they present.
There must then develop a program of experimentation to distill and scale unpromising ideas. Therefore, organisation can consider some pilot test and small scale implementation at the beginning of the change process. After creating a critical mass and the publication of successful stories, the change initiatives will be implemented much more smoothly, gradually to the whole organization.
The organization must interpret the weak signals as opportunities, as risk, or as both. Another challenge is that the weak signal can be real signals or just noise. It is the manager's responsibilities to separate real changes ahead and those noisy signals.
There are five important questions to be asked. They are as follow:
1. Who will be your customers in the future? What will be their priority?
2. What disruptive technologies might open up new opportunities spaces?
3. Whom will you be competing against in the future, and on what basis?
4. Will your go-to-market approach change fundamentally inn the future?
5. What are the potential regulatory reforms?
Upon your answering to these questions, you may well aware some new changes or ideas evolved.
Good luck to you -- our everyday manager.
Tuesday, March 15, 2016
HBR -- Harvard Business Review.
Today, I read an old issue of HBR Harvard Business Review and discovered an interesting article.
The article discusses the collaborative work in organisations and suggests some new ideas. The article is like this:
The general situation is for the last two decades, the amount of time managers and employees spend on collaborative work has ballooned. at many companies people now spend about 80% of their time in meeting or answering colleagues' requests. So free time of individuals is diminishing
Although the benefits of a=collaboration are well documented, the costs often go unrecognised. When demands for collaboration run too high or aren't spread evenly throughout the organisation, workflow bottlenecks and employee burnout would result.
The article suggests that leader must learn to better manage collaboration in their companies by mapping demand and supply, eliminating or redistributing work, and incentivising people to collaborate more efficiently.
The question raised in this article is not new. However, insofar, we focus and see the benefits of collaboration. Is becomes a must.
Remember to investigate the potential benefits and also the costs is important. Don't be blind.
Don't forget, happy learning together.
Don't know why, I feel the quality and depth of the articles posted in HBR is not as good as in the past... *-*
Bye for now.
The article discusses the collaborative work in organisations and suggests some new ideas. The article is like this:
The general situation is for the last two decades, the amount of time managers and employees spend on collaborative work has ballooned. at many companies people now spend about 80% of their time in meeting or answering colleagues' requests. So free time of individuals is diminishing
Although the benefits of a=collaboration are well documented, the costs often go unrecognised. When demands for collaboration run too high or aren't spread evenly throughout the organisation, workflow bottlenecks and employee burnout would result.
The article suggests that leader must learn to better manage collaboration in their companies by mapping demand and supply, eliminating or redistributing work, and incentivising people to collaborate more efficiently.
The question raised in this article is not new. However, insofar, we focus and see the benefits of collaboration. Is becomes a must.
Remember to investigate the potential benefits and also the costs is important. Don't be blind.
Don't forget, happy learning together.
Don't know why, I feel the quality and depth of the articles posted in HBR is not as good as in the past... *-*
Bye for now.
Wednesday, July 23, 2014
Good books
Just finished the book "Think Like a Freak". That was a slow process -- nearly one and a half month to read a book! The book was interesting and included many enlightening ideas.
From goal keeping, hot dog eating, to testing bacteria in the gut and curing antibiotics, to encouraging kids to read, to ... many other examples in the book, the authors tried to persuade the readers that their advocate to think of the root cause, think of things extra-ordinarily, quitting is not guilty, etc. You will be convinced! And I will recommend this book to any one who likes to read. There was a final chapter on "How to persuade people who don't want to be persuaded". That was excellent and a MUST READ.
I am heading to two other books now. The "What Money Can't Buy" and "Capitalism in the 21st Century". I bought them two months ago and have had no time to read (otherwise it won't take me one and a half months to finish the Freak book).
In fact, I watched all the lectures regarding justice and market by Michael Sandal. But I want to read the contents again. There may be something new evolving. The Capitalism book has been highly rated by scholars since it was translated to English year ago. It contains a lot statistics and figures of global economic issues. A bible. I must finish them as quickly as possible and share with you my feelings. Do share with me your reading list as well.
Okay, one down, two to go! Happy reading.
From goal keeping, hot dog eating, to testing bacteria in the gut and curing antibiotics, to encouraging kids to read, to ... many other examples in the book, the authors tried to persuade the readers that their advocate to think of the root cause, think of things extra-ordinarily, quitting is not guilty, etc. You will be convinced! And I will recommend this book to any one who likes to read. There was a final chapter on "How to persuade people who don't want to be persuaded". That was excellent and a MUST READ.
I am heading to two other books now. The "What Money Can't Buy" and "Capitalism in the 21st Century". I bought them two months ago and have had no time to read (otherwise it won't take me one and a half months to finish the Freak book).
In fact, I watched all the lectures regarding justice and market by Michael Sandal. But I want to read the contents again. There may be something new evolving. The Capitalism book has been highly rated by scholars since it was translated to English year ago. It contains a lot statistics and figures of global economic issues. A bible. I must finish them as quickly as possible and share with you my feelings. Do share with me your reading list as well.
Okay, one down, two to go! Happy reading.
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