Chevron Overcomes the Biggest Bias of All
By adopting a systematic framework for making better decisions, Chevron has outperformed its peers over the past five years.
By Carl Spetzler, Strategic Decisions Group
An SDG White Paper
Many in the behavioral decision science community describe how our human nature falls short of making the best decisions. But none of the potential solutions address what we’ve come to identify as the Biggest Bias of All – the perception that we are good at making decisions.
In this article, the author describes how human nature favors decisions that satisfice, not those that optimize, and how adopting a systematic framework for finding the greatest value, we can often double the value from any decision. Chevron Corp. has blazed the trail, by adopting and implementing Decision Quality over the past decade and outperforming its peers in the industry.