by bmendell | Aug 25, 2020 | Forestry, Thinking/Analysis
This post introduces a recent essay on the danger of using averages for making decisions or evaluating performance. Mathematically, the average tells us the arithmetic mean; it gives a sense for where the middle lies within a group or between extremes. But...
by bmendell | Mar 18, 2020 | Communication Skills, Forestry, Learning, Thinking/Analysis
“Without a structured approach to ordering the world, the world will impose its views on us. The fact is some things are more important than others, some things are easily verifiable…Simple processes help us sort the mess and prioritize.” from “Managing Risk by...
by bmendell | May 19, 2019 | Forestry, Learning, Thinking/Analysis
My work as a researcher in forestry sometimes highlights ideas relevant to developing plans or managing risk in other industries. For example, it helps to have a simple screening and ranking process. Without a structured approach to ordering the world, the world...
by bmendell | Oct 21, 2017 | Forestry, Thinking/Analysis
Professor Richard Thaler won this year’s Nobel Prize for Economics, in part, for research confirming that we (humans) believe we are smarter and more rational than we actually are. Asked how he plans to spend the $1.1 million prize money, Thaler replied, “I will try...
by bmendell | Mar 8, 2017 | Forestry, Thinking/Analysis
In 1990, Nobel Prize-winning economist Daniel Kahneman and two colleagues published a study documenting how we can “overvalue” things we already own (D. Kahneman, J. Knetsch and R. Thaler, “Experimental Tests of the Endowment Effect and the Coase Theorem,” The Journal...
by bmendell | Jan 9, 2017 | Forestry, Thinking/Analysis
Understand how to understand and frame the current situation. [That was not a Rumsfeldian typo.] Executives and investors make, or don’t make, decisions on how to allocate capital and other resources based on their understanding of the current situation. On average,...
