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SUMMARY:Behavioral Management Science
DTSTART:20230222T163000
DTEND:20230222T173000
DTSTAMP:20260407T172834Z
UID:bb21f25a1b31b0acf80544165bf1f218c9b9038ca8cce798f37974f3
CATEGORIES:Conferences - Seminars
DESCRIPTION:Professor Ulrich Thonemann University of Cologne  \nAbstract 
 : People often fail to be rational when deciding how to act. By taking peo
 ple's actual preferences and biases into account\, managers can achieve th
 eir goals much better than by ignoring them. I will present three models t
 hat use insights from different fields to improve managerial decision maki
 ng. The first model uses the concept of medium maximization\, the observat
 ion that people tend to maximize a medium presented to them rather than th
 e ultimate goal. If you have ever wondered whether it makes a difference w
 hether companies use the medium "inventory turn rate" or its inverse\, "da
 ys of supply"\, my talk will provide an answer.  The second model uses th
 e naive diversification bias\, which is the observation that people tend t
 o spread their budget evenly across options. In the context of project man
 agement\, I will show how the labeling of projects (e.g.\, as risky vs. sa
 fe or innovative vs. incremental) affects the selection of project managem
 ent portfolios. The third model is about response times in supply chain ne
 gotiations\, and I will show how people who are aware of their counterpart
 s' response times can use this information to their advantage.\n\nBiograph
 y : Ulrich Thonemann is Professor for Supply Chain Management at the Unive
 rsity of Cologne and Director of the Department of Supply Chain Management
  and Dean of the Faculty of Management Economics and Social Sciences. He s
 tarted his academic career as a Professor for Supply Chain Management at S
 tanford University and also holds Master and Ph.D. degrees from Stanford. 
 Before joining academia\, he and worked as a management consultant at McKi
 nsey & Company in Cologne.  His publications have appeared in journals su
 ch as Management Science\, Operations Research\, Harvard Business Manager 
 and the European Journal of Operational Research. His current research foc
 uses on Crew Scheduling\, Supply Chain Optimization\, Machine Learning\, a
 nd Behavioral Operations Management and on the application of state-of-the
 -art approaches in industry.  \n 
LOCATION:ODY 4 03 https://plan.epfl.ch/?room==ODY%204%2003
STATUS:CONFIRMED
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