Question: How does "Framing" impact our management of risk?
Answer: The way a question is worded, or framed, impacts our thought processing and can sway our openness or aversion to risk when making decisions. Research by Kahneman and Taversky shows that when we use "get" in the question, we will almost always take the safer option. If the question is phrased with "lose", we choose the riskier one.
For example, If we were told that we have a 50% chance of getting free tickets to the concert if we attend an information session, we are less likely to do this than if we were told we have a 50% chance of losing the concert tickets.
Relevant courses where we teach risk management techniques include:
Question: Did you know that people judge you on how well they think you listen? In fact, in 25 studies of critical employment skills, "listening" was cited most frequently. Employ "Active Listening" to assure that others know you are genuinely interested. How do you do this?
Answer: Active listening involves both non-verbal and verbal skills. "Following" is a useful verbal skill and is demonstrated by focusing on the speaker and simply showing neutral encouragement by saying things at appropriate points, such as: I see, I understand, Explain this further, please, and so on.
Learn more about active listening in these courses:
Question: Simulation teaching tools like SimulTrain®, have at least 4 documented advantages over classroom-style professional training in learning how to resolve practical dilemmas. How many do you know?
Answer: The advantages of simulation learning include:
Experiential learning from first-hand experience increases retention of knowledge.
Integration of concepts because experiential learning increases understanding, participants learn to link knowledge areas and apply concepts broadly.
Risk-free learning enables participants to learn from their mistakes in a safe environment.
Adjustable difficulty controls allow instructors to increase competency by matching learners experience to their content and pace of learning.
See first-hand how simulation tools like SimulTrain® aid learning in these courses:
Question: "We all have limitations in mental data and memory storage, intelligence, and experiences that can lead us to making poor decisions. This phenomena has a name, according to Herbert A. Simon, who won a Nobel Prize for this. It is called _________ __________?"
Answer: Bounded Rationality
Bounded rationality is the concept that explains why we are limited in our ability to make the best decision possible. It refers to our cognitive limitations of the mind and the time available to make the decision. The short answer is that we are seeking a satisfactory solution rather than an optimal one.
Learn more about the influencers that affect our decision-making and tools we can learn to optimize them in our courses...