Smart Management

This book argues that traditional management practices often fail in the face of uncertainty.

The authors, Jochen Reb, Shenghua Luan, and Gerd Gigerenzer, advocate for the intelligent use of heuristics—simple, rule-of-thumb strategies—to navigate uncertain situations.

They distinguish between uncertainty, where not all possibilities are known, and risk, where probabilities are known.

The book provides various examples of heuristics, such as the '1/N' diversification model and the 'Time machine heuristic,' and demonstrates how these strategies can be applied in decision-making, innovation, and strategy development.