For nearly fifty years, the pioneering work of Tversky and Kahneman has underpinned the efforts of Demand Planners to mitigate the efforts of unconscious biases. And building on this foundation, recent advances in Behavioral Economics have put a host of powerful new insights and tools into the hands of planners that can mitigate common problems in forecasting and planning processes. By its nature, every human touchpoint includes a degree of subconscious bias and heuristics, but by identifying them we are able to put in place nudges and safeguards that minimize their impact, and improve the quality of forecasts. This webinar will provide attendees with an introduction to Behavioral Economics from the thought leaders at BVA Nudge Unit and provide practical solutions to put into place to begin making use of behavioral economics in their own planning processes.
What You Will Learn?
What is Behavioral Economics and how does it impact decision making?
How to identify some of the most common heuristics and biases at play in demand planning and forecasting
What steps to take to minimize the risk of bias in forecasts
Who Should Attend?
Operations or Supply Chain Management professionals