Corporate Resilience and Decision Making

by John Taylor
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Make good decisions even when under pressure
  • Understand and use appropriate decision making methods to solve problems and make good choices
  • Understand how biases, preconditions and assumptions can impact decision making
  • Avoid common pitfalls and mistakes in the decision making process
  • Establish the optimal decision making systems and structures to ensure you can respond rapidly and robustly to any future shocks.

At times of immense pressure, businesses can make decisions that affect their whole future, and sometimes those decisions can be bad ones. The coronavirus pandemic wiped out whole businesses before they even had a chance to react. It's critical that we think about the way that we make decisions, so that we can develop a plan for the future, and so that we can respond robustly and rapidly to any future shocks.

This course looks at the way that we make decisions, how sometimes we make bad decisions, some common mistakes and traps we can fall into, and how we can develop a methodology to optimise our decision making to cope with any future shock the world may throw at us.

The decision making process

  • Decision making and problem solving
  • Naturalistic decision making
  • Rational models of decision making
  • Adaptive decision making
  • Making a choice
  • Analysis paralysis
  • The role of emotion in decision making
  • Making decisions in risky or uncertain conditions
  • Risk analysis
  • Decision trees
  • Decision tree example
  • Risk evaluation
  • Making the right decision

How to make bad decisions

  • Bad decisions
  • Preconditions affecting the decision making process
  • Preconditions
  • Overconfidence and the illusion of control
  • Leaping to conclusions
  • The normalisation of deviance
  • Normalising deviance
  • Staying alert
  • Biased thinking
  • Bias in accountants
  • Objective analysis

Avoiding the traps

  • Don't fall into the traps
  • Behavioural issues
  • Prospect theory
  • Relative positioning
  • Framing
  • Positive framing
  • Framing a threat
  • Framing effects
  • Loss aversion
  • The sunk cost fallacy
  • Sunk costs
  • Peer pressure
  • The influence of groupthink
  • Learning from mistakes

Optimising decision making

  • Making good decisions
  • Emotional intelligence
  • Managing with empathy
  • Knowns and unknowns
  • Preventing near misses
  • Assessing the process
  • A big investment
  • Overconfidence and the illusion of control
  • Fearing the worst
  • Overcoming framing bias
  • Reframing a problem
  • Error prevention

John is a Chartered Accountant who spent many years advising small and medium-sized businesses across the North of England. He specialised in dealing with the particular problems faced by large family-owned companies. John joined Bradford College where he taught a wide range of students from diverse backgrounds and with varying levels of ability. John later joined Leeds Met University where he specialised in teaching auditing on ACCA professional courses and Forensic Accounting at Masters level. He is now a freelance author and lecturer.

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ACCA partner with to provide high quality CPD for members. As an ACCA member, you are required to complete at least 40 relevant units of CPD each year, where one unit is equal to one hour. 21 units must be verifiable; the other 19 can be non-verifiable.

Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.