A friend asked me what my top three learnings from MBA were. I said I need to think about it, and now I got the time to think. Leaving the technical part that includes finance, accounting, statistics, economics, operations, etc., the remaining part of MBA, as is rightly rumoured, is more or less a training in common sense, with a scientific structure to it. Depending on your experience, exposure and education, this remaining part might fall under one of these in different proportions:- Things you already knew that get proved
- Things you thought you knew but get disproved
- Things you never knew
Maybe a couple of the technical learnings will be in my top three, but I'll just focus on the "remaining" part that is non-technical. My top three out of those would be the ones below.
1. Null hypothesis: I mentioned this in an earlier post too. If you’ve to prove something, assume the opposite and disprove it rather than assuming what you want and looking for the first opportunity to prove yourself. Interestingly, most of us will appreciate this but would hardly practise.
2. Sunk cost fallacy: When you’ve to make a decision, do not consider all the prior investments, but consider only the future investments. Of course, you can’t ignore all that have gone into something and can't just focus on all that need to go in. So, you won’t accept this if you wrongly interpret, but there is truth in this. Think about it, else reach out to the internet.
3. Game theory: Game theory mostly talks about making your move depending on how you expect your opponent to move, which also means the opponent is doing the same, and so the theory advises you about making a win-win decision. But there is a subtle corollary to this. Make your first move keeping your last move in mind. Rather, take your first step thinking about how you want your last step to be.
As I was thinking these, flashes of classroom scenes and the one year journey lit through my memory. The registration day, the orientation week, the first class, the first quiz, the first assignment, the first exam, to the last class, the last exam, graduation, friends, music, fun … what nonsense, let me stop the emotional rubbish!
1. Null hypothesis: I mentioned this in an earlier post too. If you’ve to prove something, assume the opposite and disprove it rather than assuming what you want and looking for the first opportunity to prove yourself. Interestingly, most of us will appreciate this but would hardly practise.
2. Sunk cost fallacy: When you’ve to make a decision, do not consider all the prior investments, but consider only the future investments. Of course, you can’t ignore all that have gone into something and can't just focus on all that need to go in. So, you won’t accept this if you wrongly interpret, but there is truth in this. Think about it, else reach out to the internet.
3. Game theory: Game theory mostly talks about making your move depending on how you expect your opponent to move, which also means the opponent is doing the same, and so the theory advises you about making a win-win decision. But there is a subtle corollary to this. Make your first move keeping your last move in mind. Rather, take your first step thinking about how you want your last step to be.
As I was thinking these, flashes of classroom scenes and the one year journey lit through my memory. The registration day, the orientation week, the first class, the first quiz, the first assignment, the first exam, to the last class, the last exam, graduation, friends, music, fun … what nonsense, let me stop the emotional rubbish!
Nice post !
ReplyDeleteNull hypothesis - How true! The mind has its own ways of justifying its whims!
ReplyDeleteSunk cost fallacy - Yes, sometimes you have to just start from scratch with a fresh perspective. Wondering how this can be interpreted wrongly.
Game theory - Most favorite. And I've seen someone practice this in real life :P
"emotional rubbish" - ah! great to know you're capable of that! congrats! :)
:)