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.
9 Presentation Styles of the Enneagram Model
Enneagram is a model of the human psyche. It is used for explaining what is considered as the nine interconnected personality types. This model is widely used to study dominant behavior traits to better understand the abilities and weaknesses of an individual; in order to make the most out of one’s gifts and understanding the […]
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 Set Time Duration in PowerPoint Slides
Typically, presenters use mouse clicks, keys from a keyboard, or a remote to switch slides in PowerPoint. However, if you have your presentation well-timed or have to account for every second in a presentation due to time constraints, you should make sure that your slides are well-timed. This also applies if you want to run […]