MGNT7340 Lessons from Strategic Failures and Critical Thinking for Managers (3 units)
- MGNT7780 Managing People and Organization
One key element of a successful business manager is the ability to draw lessons from failure and investigate the patterns of errors. This course examines failed business strategies that looked lucrative on the drawing board yet failed miserably in the real-world setting, and highlights the importance of critical thinking in the process of strategy forming.
We will apply a case study method and enquire the topic of failure on two levels. First, we will take a macro view and assess “failure” events from the strategic angle. The events appear to be isolated incidents, but upon closer examination reveal common themes such as poor liquidity management, runaway financial-leverage and disregard of regulatory parameters.
In the second part, we will shift the focus to individual actions in strategy delivery. Several established economic theories assume that people are rational decision makers. A growing body of research has however exposed flaws in this long-held assumption and highlights the role of cognitive deficiencies in strategic failure. We will explore how psychological factors like biased receptions of market signals impact the execution of business strategy, and conclude with a discussion on the role of critical thinking in shaping effective corporate strategies.
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