Management Folklore and Management Science - on Portfolio Planning, Escalation Bias, and Such

Interfaces, pp. 28-42, July-August 1996

23 Pages Posted: 17 Feb 2005 Last revised: 31 Dec 2011

See all articles by J. Scott Armstrong

J. Scott Armstrong

University of Pennsylvania - Marketing Department

Abstract

Management folklore sometimes leads to unprofitable decision making. Thus, studies of the value of such folklore should be of interest to managers, especially when they identify unprofitable procedures. I reviewed empirical research on scientific publishing and concluded that studies supporting management folklore are likely to be favorably reviewed for publication and to be cited. However, researchers who obtain findings that refute folklore are likely to encounter resistance in publication and are less likely to be cited. My experience with papers on portfolio planning methods and escalation bias illustrates the problem. To encourage the publication of papers that challenge management folklore, editors should use results-blind reviews and, in some cases, constrain, reduce, or eliminate peer review.

Keywords: Management, management science, portfolio planning, escalation bias, decision making

Suggested Citation

Armstrong, J. Scott, Management Folklore and Management Science - on Portfolio Planning, Escalation Bias, and Such. Interfaces, pp. 28-42, July-August 1996. Available at SSRN: https://ssrn.com/abstract=668138

J. Scott Armstrong (Contact Author)

University of Pennsylvania - Marketing Department ( email )

700 Jon M. Huntsman Hall
3730 Walnut Street
Philadelphia, PA 19104-6340
United States
215-898-5087 (Phone)
215-898-2534 (Fax)

HOME PAGE: http://marketing.wharton.upenn.edu/people/faculty/armstrong.cfm

Register to save articles to
your library

Register

Paper statistics

Downloads
52
Abstract Views
741
rank
384,863
PlumX Metrics