A Quick Read on Prospect Theory and Loss Aversion
For a consumer, economic decisions are based on certain types of behavior. Prospect Theory or the loss-aversion theory in behavioral economics and behavioral finance, aims to determine people’s decision making and their tendency for loss aversion.
Overcoming Sunk Cost Fallacy: Get Better at Decision-Making
One of the first things you learn at an economics course is that you should never take irrecoverable (sunk) costs into account when you need to decide upon present or future investments. But since humans are not the most rational beings, we often forget that basic rule and let the past “investment” distort our judgments. This cognitive tendency is known as “sunk cost fallacy” and it can massively undermine both your personal and business decision-making.
Circular Economy to Save the Planet
The circular economy is an economic model based on eliminating waste and making the economy more sustainable. The model is a diversion from the linear economy, which focuses merely on the take, make, consume and dispose of method. But can the circular economy model save the planet?
Business Bullet Journal Guide: A Great Strategy to Max Your Productivity
Everyone has personal and professional goals. Everyone has bucket lists. And if our goals and wish lists are important enough, we do things to make them happen, usually in small increments.
Using 360 Degree Feedback in Your Organization
Many organizations use 360 degree feedback to provide assessment for employees via multiple sources to analyze the knowledge, skill and behavior of employees. It is also known as multi-rater feedback, multi-source feedback, 360 Degree Review and multi-source assessment, since it is used frequently for assessing the performance of an employee and to determine his/her future […]
A Step-by-Step Guide to Developing Growth Mindset in Your Team
The most successful teams and workplaces are known to be oriented on growth. But what exactly the much buzzed growth mindset popularized by the likes of Microsoft and LinkedIn entails? In short, it stands for switching from a highly individualist culture where everyone is expected to act as the smartest people in the room, to […]
An Executive Guide to Management Consulting
Management consulting continues to be a lucrative field for those who have very specific skills that meet organizational needs in a variety of areas – IT, HR, Finance, Logistics, etc. In fact, according to the Bureau of Labor Statistics in the US, the job outlook for this profession looks bright with a 14% predicted growth […]
How To Use Hoshin Kanri For Business Planning
Without successfully implemented strategic planning, businesses are doomed to fail. That’s a well-known fact, so most companies regularly schedule planning sessions, create reports, forecast and so on. The real issue? All those “paper” efforts rarely result into action. Strategic planning, or more specifically, strategic execution fails as executives are tied with too many priorities, and […]
Make Sales Plans With Editable Territory Maps for PowerPoint
Sales plans can be more appropriately presented in presentations if you have territory maps tied to them. This is because pin pointing the exact area with your current and potential clients can give a more comprehensive view of where your business stands. Moreover, you can also use maps for making comparisons with competitors.
How To Use SWOT Analysis or SOAR Analysis
Introduction The SWOT and the SOAR analysis models are two different business management tools that are used as organizational frameworks to enhance business performance. Some organizations use both methods, while other will choose one or the other. SWOT Analysis is an acronym for Strengths, Weaknesses, Opportunities and Threats. SOAR Analysis, on the other hand, stands […]
US Department of Energy Award Won by Team Using SlideModel Templates
Slide Model is proud to inform its readers that students from the University of California, Berkeley have won the award for the “Most Innovative” Proposal by the US Department of Energy, using SlideModel’s PowerPoint Templates.
What is FIFO and LIFO?
FIFO and LIFO are inventory evaluation methods. FIFO (First in First Out) is meant to use stock based on first unit being sold first, whereas LIFO (Last in First Out) assumes the opposite. Let’s explore these two inventory evaluation methods in detail and see how we can create FIFO and LIFO related reports, diagrams and presentations […]