Improving decision making through visual knowledge calibration

Christian Muntwiler

doi:10.1108/MD-07-2022-1018

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Improving decision making through visual knowledge calibration

2023-03-29

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Christian Muntwiler *

Martin J. Eppler

DOI：10.1108/MD-07-2022-1018

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Abstract

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PurposeThis article aims to explore the so-called illusion of explanatory depth (IOED) of managers regarding their understanding of digital technologies and examines the effect of knowledge visualization one's current understanding and decision making. Its purpose is to show that managers think they know more than they do and that this affects decision making but can be reduced through knowledge visualization.Design/methodology/approachIn two experiments with experienced managers, the authors investigate the size and impact of the IOED bias in decision making and examine if sketched self-explanations are as effective as written self-explanations to reduce the bias.FindingsThe findings show that experienced managers suffer from a significant illusion concerning their explanatory understanding of digital technologies and that sketching one's current level of explanatory understanding of these technologies supports the accurate calibration of one's knowledge. The findings indicate that sketching knowledge is a helpful modality for the detection and subsequent recalibration of biased knowledge in domain-dependent decision making.Originality/valueThis article is the first to explore the effect of sketched knowledge externalization on the calibration of explanatory knowledge of managers. It extends the literature on both, the IOED and on knowledge visualization as an instrument of knowledge calibration.

Keywords:

Technology led strategy

Decision making

Business strategy

Management

Psychology

Individual behavior