Thinking outside the box simply means that you’re willing to consider different solutions and methods for reaching your desired outcome. The most creative solutions often come first when you have already came up with the more conventional ones. It’s only when you have a range of options that you should sit down and choose the best.
Frank Knight, an economist, formalised a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. In his classic book, Knight introduced a distinction between measurable uncertainty, which he called “risk,” and “true uncertainty,” which cannot “by any method be reduced to an objective, quantitatively determined probability.”
Drastically limiting people's contact with others seems to be helping the countries stem the spread of the Coronavirus. But as…
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Procrastination can actually make us more creative, according to Professor Adam Grant. The management professor at Wharton School of Business has highlighted the benefits of procrastination — especially for making us more creative.
Despite several opportunities, banks face pressure from both external and internal forces that hinder full-scale digitalization. The complexity and width of digital initiatives vary upon infrastructure, customer preferences and policy framework of the region.
The Indian government is pushing consolidation within PSBs as part of one of the reforms it intends to undertake in the banking sector. While the country needs big banks but timing may not be right as banks need to focus on cleaning up of balance sheet first.
In the pursuit of truth and fairness, we shall continuously evolve, otherwise our principles and rules may become irrelevant with the passage of time, or may not remain that fair as they should be.
Like everyone else, we’re subject to cognitive bias, a limitation in our thinking brought about by errors of memory, miscalculation or social attribution. Not all biases are negative, however. The placebo effect, for example, is important in the search for new medicines. This cognitive bias can be so powerful that by simply telling a patient a new drug will make them better, they begin to believe it.
Whenever in doubt, just look back and see what had been done in similar situation and then move ahead and act accordingly. What is even worse is that I later found that PDAB did not pervade only in my bank, other banks were also following the PDAB principle.
Just as leap years keep our calendars lined up with Earth’s revolution around the sun, leap seconds adjust for Earth’s rotation. This kind of fine-tuning wasn’t much of an issue before the invention of atomic clocks, whose ticks are defined by the cycling of atoms. Cesium-based clocks, one kind of atomic clock, measure the passage of time much more precisely than those based on the rotation of our planet, so adding a leap second allows astronomical time to catch up to atomic time.