MCD4 - Illusion of Control (NEW)

Course Description

Most judgements and decisions are necessarily made under conditions of risk and uncertainty, regardless of the setting. However, there often exists severe limits to predicting the future, be it in the context of policy, investments, business, health, or even personal pursuits such as happiness.

The most commonly used subsequent course of action would be to look for shelter in “models” to accurately predict future outcomes. In doing so, the danger is going too far that would often end up underestimating the role of chance. In the boardroom, the tendency for board directors to overestimate their abilities to predict the future for things beyond their control means they may often fall prey to “illusion of control” with all its potential costs.

This session presented by Anil Gaba, Professor of Decision Sciences in INSEAD and co-director of the International Directors Programme (IDP) will expose the limitations of human judgements and illustrate to board directors and senior management how biases interfere with their abilities to see, act and learn.

Through illustration and examples, the session will challenge them to review their assumptions and introduce strategies for which they can interrupt the process to improve quality of decision-making and judgement.

Course Objectives
  1. Illustrate how biases manifest in the judgement and decision-making process in the form of illusion of control.
  2. Examine how cognitive biases can impact the way information is collected and interpreted.
  3. Discuss the interplay of emotional responses during the decision-making process.
  4. Assess the impact of biases as potential hindrance to the ability to learn.
  5. Introduce a framework through which board directors and senior management can counteract these biases.
Course Outline
  1. Concept of illusion of control in the board context.
  2. Different cognitive biases that come into play in the judgement and decision-making process.
  3. Impact of these biases on the ability to see, act and learn.
  4. Recommendations for boards and senior management to interrupt the process and  improve quality of decision-making and judgement.
Level Advanced.
Target Audience
Directors looking to enhance the quality of their decision-making and judgement. Attendees are expected to already have the fundamentals and essentials of the SID professional development programme.
Course Duration Half day (lunch provided).
Delivery Classroom lectures, discussions, case studies and exchanges by high profile speakers.
Cost SID Member : $450 (excl. GST); $481.50 (incl. GST).  
Non-SID Member : $620 (excl. GST); $663.40 (incl. GST).
CPD Hours 4 hours.

COURSE DATES

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