General Meeting: SHOULD YOU TRUST YOUR GUT? - HUMAN PSYCHOLOGICAL WEAKNESSES WHEN MAKING DECISIONS IN THE FACE OF UNCERTAINTY

Speaker: PATRICK LEACH
Speaker PATRICK LEACH
DECISION STRATEGIES     Patrick Leach has thirty years of experience in the energy industry, primarily in upstream oil & gas.  He is a Principal with Decision Strategies, Inc., a leading management consulting firm in that industry.  Mr. Leach has also been an independent consultant and worked for Texaco as ...


DECISION STRATEGIES



 


 


Patrick Leach has thirty years of experience in the energy industry, primarily in upstream oil & gas.  He is a Principal with Decision Strategies, Inc., a leading management consulting firm in that industry.  Mr. Leach has also been an independent consultant and worked for Texaco as a geophysicist, partner & government coordinator, and portfolio manager.  He has lived and worked all over the world, from New Orleans to Sumatra to Aberdeen.  Mr. Leach is the author of Why Can't You Just Give Me the Number? - An executive's guide to using probabilistic thinking to manage risk and to make better decisions.


 


Mr. Leach has a B. S. degree from the University of Rochester and an MBA from the University of Houston.  He is a member of the American Association of Petroleum Geologists, the Society of Petroleum Engineers, the Decision Analysis Affinity Group, and INFORMS.


Full Description
Evolution has prepared human beings very poorly for making decisions in an uncertain business environment.  Humans – and some other primates – are frequently illogical when comparing economic alternatives.  How a problem is framed can make a huge difference in the decisions people make, even when the economic outcomes are identical.  Most people are risk-averse when considering potential gains, but risk-seeking when faced with potential losses (the “double-or-nothing” effect), leading to sub-optimal portfolios of assets and projects. 
 
Decisions often set off a conflict between the region of one’s brain that deals with logical reasoning and a more visceral, emotional region – but when the emotional part is incapcitated, we become horribly indecisive.    There is no magic formula for overcoming these weaknesses, but being aware of them is a necessary first step.  This presentation is a brief tour of human psychological weaknesses when making decisions in the face of uncertainty – and the implications for managers and employees.
 
 
MENU
  
FRUIT SALAD
SMOKED CHICKEN PASTA
CHOCOLATE ICE CREAM PECAN BALL
 
If you have special dietary needs (diabetic, religious, allergies, etc.) please include a note of your meal needs during the on-line registration process in the box labeled "Optional comments for the event planner".
 
Valet parking is available at the ExxonMobil Building for $7.00 (on the Leeland Street side of the building).  You may also park in the public parking lots around the ExxonMobil Building for fees that are generally in the $5 - $7 range.
 
Organizer Barry Faulkner

When?

Thu, Sep. 9, 2010
11:30 a.m. - 1 p.m. US/Central

How Much?

Event has ended

Where?

PETROLEUM CLUB OF HOUSTON
800 BELL STREET
HOUSTON, TEXAS 77002
USA