Tomorrow's business leaders play the management game
(5 April 2006)
Modern business can be a bit of a minefield, but a visit from a top academic showed Durham Business School students that it’s all about how they play the game.
Professor Ehud Lehrer, an internationally-acclaimed Israeli academic, was leading a 2-day course on Strategic Thinking at the School for MBA and PhD students. The course looked at the concepts and principles of game theory, which presented the students with different ways of tackling a variety of situations they may encounter in aspects of their life and in their day-to-day business practices. Prof Lehrer explained the benefits of game theory in today’s business world: “The world of modern business practice is highly complex and conflict-ridden. “Sometimes the model underlying game theory and the rational approach it takes can help managers in solving conflicts, or at least in clearly defining the set of possible achievable outcomes. “