Dynamic decision-making

About: Dynamic decision-making is a research topic. Over the lifetime, 650 publications have been published within this topic receiving 26213 citations.

The Power of Feedback

Abstract: Feedback is one of the most powerful influences on learning and achievement, but this impact can be either positive or negative. Its power is frequently mentioned in articles about learning and teaching, but surprisingly few recent studies have systematically investigated its meaning. This article provides a conceptual analysis of feedback and reviews the evidence related to its impact on learning and achievement. This evidence shows that although feedback is among the major influences, the type of feedback and the way it is given can be differentially effective. A model of feedback is then proposed that identifies the particular properties and circumstances that make it effective, and some typically thorny issues are discussed, including the timing of feedback and the effects of positive and negative feedback. Finally, this analysis is used to suggest ways in which feedback can be used to enhance its effectiveness in classrooms.

Modeling managerial behavior: misperceptions of feedback in a dynamic decision making experiment

Abstract: Studies in the psychology of individual choice have identified numerous cognitive and other bounds on human rationality, often producing systematic errors and biases. Yet for the most part models of aggregate phenomena in management science and economics are not consistent with such micro-empirical knowledge of individual decision-making. One explanation has been the difficulty of extending the experimental methods used to study individual decisions to aggregate, dynamic settings. This paper reports an experiment on the generation of macrodynamics from microstructure in a common managerial context. Subjects manage a simulated inventory distribution system which contains multiple actors, feedbacks, nonlinearities, and time delays. The interaction of individual decisions with the structure of the simulated firm produces aggregate dynamics which systematically diverge from optimal behavior. An anchoring and adjustment heuristic for stock management is proposed as a model of the subjects' decision processes. ...

Learning in and about complex systems

Abstract: Change is accelerating, and as the complexity of the systems in which we live grows, so do the unanticipated side effects of human actions, further increasing complexity. Many scholars call for the development of systems thinking to improve our ability to manage wisely. But how do people learn in and about complex dynamic systems? Learning is a feedback process in which our decisions alter the real world, we receive information feedback about the

Designing for Situation Awareness: An Approach to User-Centered Design, Second Edition

Abstract: The barrage of data overload is threatening the ability of people to effectively operate in a wide range of systems including aircraft cockpits & ground control stations, military command and control centers, intelligence operations, emergency management, medical systems, air traffic control centers, automobiles, financial and business management systems, space exploration, and power and process control rooms All of these systems need user interfaces that allow people to effectively manage the information available to gain a high level of understanding of what is currently happening and projections on what will happen next They need systems designed to support Situation Awareness Addressing the information gap between the plethora of disorganized, low-level data and what decision makers really need to know, Designing for Situation Awareness: An Approach to User-Centered Design, Second Edition provides a successful, systematic methodology and 50 design principles for engineers and designers seeking to improve the situation awareness of their systems users based on leading research on a wide range of relevant issues So, whats new in the Second Edition: Significantly expanded and updated examples throughout to a wider range of domains New Chapters: Situation Awareness Oriented Training and Supporting SA in Unmanned and Remotely Operated Vehicles Updated research findings and expanded discussion of the SA design principles and guidelines to cover new areas of development Mica R Endsley is a pioneer and world leader in the study and application of situation awareness in advanced systems Debra G Jones work is focused on designing large-scale and complex systems to support situation awareness and dynamic decision making Completely revised and updated, liberally illustrated with actual design examples, this second edition demonstrates how people acquire and interpret information and examines the factors that undermine this process Endsley and Jones distill their expertise and translate current research into usable, applicable methods and guidelines