#67 Afraid of making bad decisions? How simulations can help you!

Interview with Prof. Dr. Martin Prause 

In our latest podcast episode, we explore the future of decision-making together. We have the pleasure of having an expert in this field, Prof. Dr. Martin Prause, with us. Learn more about pioneering approaches from X In Blue, a company that is redefining management decisions through innovative simulations. Martin Prause shares his insights into developing customized simulation scenarios that combine hard facts and behavioral economics to provide a comprehensive understanding of complex decision-making situations. 

X In Blue: Revolutionary management simulations 

Immerse yourself in the world of X In Blue management simulations. Learn how this innovative and scientific approach can help you make informed decisions by incorporating behavioral economics - the human factor - alongside existing structural and cultural data. Martin Prause shares his approach to developing customized simulation scenarios that provide a holistic view of decision-making processes. In a risk-free environment, emotionality is created among the participants, which has a lasting effect and has the potential to break down the familiar silo mentality.  

The role of AI in decision-making 

Martin and Jürgen classify the opportunities and challenges of using artificial intelligence (AI) in decision-making. Martin explains how AI-based models can help you predict escalation and de-escalation scenarios and optimize strategic decisions, but also the limitations of the algorithms. Learn more about the future of AI in decision making and how it helps to solve complex problems. 

Human vs. algorithm: a complementary question 

In this discussion, we will explore together how you and the algorithm can work together to develop optimal solution strategies. Learn more about the synergies between human reasoning and algorithmic precision and how together they enable powerful decision making. 

Practical expert advice for good decisions  

Finally, Martin offers two very concrete recommendations for you to better navigate through the decision-making process. 1. review personal cognitive biases and 2. automate what can be automated. You can find out more in the show notes. 

SHOWNOTES 

StrategySummit on May 16 in Düsseldorf