Wayne Borchardt, PhD

Purpose: A decade after Powell et al.’s (2011) seminal article on behavioral strategy, which called for models to solve real-world problems, the authors revisit the field to ask whether behavioral strategy is coming of age. The purpose of this paper is to explain how behavioral strategy can and has been used in real-world settings.

Design/methodology/approach: This study presents a conceptual review with case study examples of the impact of behavioral strategy on real-world… Show more

Purpose: A decade after Powell et al.’s (2011) seminal article on behavioral strategy, which called for models to solve real-world problems, the authors revisit the field to ask whether behavioral strategy is coming of age. The purpose of this paper is to explain how behavioral strategy can and has been used in real-world settings.

Design/methodology/approach: This study presents a conceptual review with case study examples of the impact of behavioral strategy on real-world problems.

Findings: This study illustrates several examples where behavioral strategy debiasing has been effective. Although no causal claims can be made, with the stark contrast between the negative impact of biased strategies and the positive results emerging from debiasing techniques, this study argues that there is evidence of the benefits of a behavioral strategy mindset, and that this should be the mindset of a responsible strategic leader.

Practical implications: This study presents a demonstration of analytical, debate and organizational debiasing techniques and how they are being used in real-world settings, specifically military intelligence, Mergers and acquisitions deal-making, resource allocation and capital projects.

Social implications: Behavioral strategy has broad application in private and public sectors. It has proven practical value in various settings, for example, the application of reference class forecasting in large infrastructure projects. Show less

Blog articles on various aspects of Strategic Decision Making.

The articles offer perspectives on decision making that are deliberately pragmatic and relevant, and are often counter-intuitive.

Strategic decisions are, by nature, focused on the future. But who can predict with certainty
things like plunging crude oil prices, terrorist attacks or any other game-changing event?
Or less dramatic events like a dip in market demand. No one. Because luck (good and bad)
is always a factor in any outcome. The only thing under our control is the process used to
arrive at the decision. We call “decision edge” the approach that infuses the learnings of
behavioral science and… Show more

Strategic decisions are, by nature, focused on the future. But who can predict with certainty
things like plunging crude oil prices, terrorist attacks or any other game-changing event?
Or less dramatic events like a dip in market demand. No one. Because luck (good and bad)
is always a factor in any outcome. The only thing under our control is the process used to
arrive at the decision. We call “decision edge” the approach that infuses the learnings of
behavioral science and decision analysis into strategic decision making. Show less

In Accenture’s 2015 CEO Briefing, South African business leaders exhibited a clear difference in their outlook from other parts of the world, as relates to economic sentiment, growth strategies, competitive threats and plans for innovation

This article uses scenario envisaging to contemplate: after 21 years of democracy, what should South African private enterprises be doing to drive the most favorable outcome?

This article unpacks the impact of cognitive biases in our decision-making. It explores our vulnerabilities as decision-makers and offers some practical techniques for improving decision-making quality.

Achieving high performance in the African construction industry starts with defining one’s growth and investment strategy. Three moves, in particular, must be made regardless of a company’s ambition: establishing a governance model for risk management, optimizing the supply chain, and enhancing workforce skills.

Welcome to a paradoxical new era for business.

As today’s companies grow ever larger, the traditional market segments they serve continue to splinter and shrink. For many multinational corporations, fractured “long-tail” markets, coupled with the need for ever-larger customer segments to sustain growth, mean that the game has changed—fundamentally. Long accustomed to targeting huge, geographically distinct mass markets, companies must now focus on aggregating sales across and among these… Show more

Welcome to a paradoxical new era for business.

As today’s companies grow ever larger, the traditional market segments they serve continue to splinter and shrink. For many multinational corporations, fractured “long-tail” markets, coupled with the need for ever-larger customer segments to sustain growth, mean that the game has changed—fundamentally. Long accustomed to targeting huge, geographically distinct mass markets, companies must now focus on aggregating sales across and among these arenas to generate the sales volumes they need to grow and thrive. Show less