Business Acumen
The ability to understand and deal with various business situations, making sound decisions to ensure successful outcomes.
72 topics found for
“decision-making framework”
Regulatory Focus Theory
A theory that describes how individuals pursue goals using either a promotion focus (seeking gains) or a prevention focus (avoiding losses).
Opportunity Cost Neglect
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions.
Dual Process Theory
A framework suggesting there are two systems of thinking: System 1 (fast, automatic) and System 2 (slow, deliberate), influencing decision-making and behavior.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Prioritization Matrix
A decision-making tool that helps prioritize tasks or projects based on specific criteria, such as impact and effort.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option.
Pro-Innovation Bias
The tendency to overvalue new innovations and technologies while undervaluing existing or traditional approaches.