Problem Solving and the Nobel Prize for Economics

So how did we possibly tie these two topics together? Well, if you read the newspaper last week, you may have seen that two US economists won the Nobel Prize for Economics last week for there work on problem solving and decision making strategies in real world situations.

While most of us will never win a Nobel Prize for our work, nor will we fully comprehend the work of these two amazing economists, we appreciate how complex solving problems and making decisions can be within in our organizations and even within our households.

Despite the fact that we have endless meetings about solving problems in our office, or that we prepare voluminous reports and “decision packages” for policy makers, board members, and executives, most people find that they spend very little time thinking about or learning about decision making and problem-solving strategies, skills and tools. We think that last week’s announcement of the Nobel Prize winners and their focus on problem solving and decision-making in real world situations gives managers, facilitators, coaches and trainers an opportunity for a “teachable moment” to begin a discussion with their team or staff about problem solving tools and decision making strategies.

November would be a great month to begin a team development initiative around the topics of Problem Solving and Decision Making. Whether you use a simple “lunch and learn” format, take time in your weekly staff meetings, or launch a formal learning initiative, spending time on these critical skills will pay off for you and your team in the long run!! Here are some ideas.

• Read the Wall Street Journal Article on the Nobel Prize and talk with your team about the importance of thinking creatively when solving problems to get the discussion going. You don’t have to be a Nobel Prize winner to challenge the conventional thinking of your company or department and come up with a new idea!!! Here’s a link to the article. http://tinyurl.com/ygyqm6g
• Have the team read and discuss a short skill building booklet on critical thinking, problem solving or decision making. Pick a recent problem or decision your team has made and discuss how you might approach it differently given what you’ve learned. Try this critical thinking booklet or this skill builder on problem solving for the activity.
• Have the team explore their decision making style with a free mini-profile on the topic. Follow up with a longer more comprehensive Problem Solving and Decision Making Profile covering skills such as Critical thinking, Data gathering and processing, Tool selection methods, Alternative weighing ability, Lateral conceptualization, Perception and judgment, and Risk assessment skills. Look for common areas to pursue further training.
• Use our Problem-Solving and Decision Making ToolKit to experiment with different problem solving techniques and tools. It’s quick and practical guides to all kinds of analytical techniques for problem-solving are fabulous for teams.

There are a myriad of other ideas for getting started on a learning initiative on this topic. Try eLearning, try a team game, use Storyboards as posters and learning aids. The opportunities are boundless. Check out our Problem Solving and Decision Making Forum for a complete list of products and tools to help you get started.