Dr Shardul at Academy of Management
22 Aug 16
Dr. Shardul Phadnis presented a research paper at the annual meeting of the Academy of Management—one of the largest gatherings of management academics and practitioners in the world—in Anaheim, California on August 8. The research presented by Dr. Phadnis extends his on-going research on a strategic decision making process, called Scenario Planning. The presented research builds on his earlier publications that describe the effect of using scenarios on executives’ judgment of strategic decisions, to define the conditions in which the practice of Scenario Planning can outperform other strategy processes, such as the Delphi method or aggregation of expert opinion as wisdom-of-crowds. This simulation-based study confirms the robustness of the wisdom-of-crowds approach and shows that the choice of ideal strategy process in a given business environment depends on the ability of the decision makers to correctly identify the nature of changes in the environment and the costs associated with implementing the decisions.