Fisher’s Decision Emergence Theory
.jpg "Fisher's Theory")
Irving Fisher’s theory of Decision Emergence offers keen insights into how workgroup members make decisions that drive a project forward. It's a concept worth noting for anyone looking to enhance team dynamics.
In any industry, projects and deadlines are part of our daily routines. Often, tasks require collaboration among multiple people. But while forming a workgroup is a crucial first step, when and how does progress actually begin? Let’s explore Fisher’s theory and his analysis of the decision-making process in groups.
Fisher’s theory of decision emergence is similar to other teamwork theory such as Belbin team roles, Henry Ford, Lencioni's theory and the Tuckman model of team development.
Who Was Irving Fisher?
Born in 1867, Irving Fisher was a sometimes-controversial figure, yet his contributions to economics and financial theory were significant. His ideas enjoyed high regard in the early 20th century, but his reputation took a hit when he famously predicted that the stock market had reached its "peak plateau," just a week before the Great Depression of 1929. This crash sent shockwaves across the US and the world.
However, his subsequent theory on debt deflation and the causes of the Wall Street Crash helped restore his standing. Even today, concepts he contributed to, like the “Chicago Plan,” are still discussed by organisations such as the International Monetary Fund. Although some of his ideas were never published, his work and financial theories have cemented Fisher’s legacy as one of the most influential economists in American history.
What is Fisher’s Theory of Decision Emergence?
To illustrate Fisher’s Theory of Decision Emergence outside the workplace, imagine you’re trying to decide whether to buy a new car. You might begin by researching different models, reading reviews, and comparing prices. As you gather more information, your certainty about which car to buy gradually increases. Eventually, you reach a point where you feel confident enough to make a decision.
In essence, Fisher's theory suggests that decision-making is not a sudden event but a gradual process. It also indicates that the amount and quality of evidence needed to reach a decision can vary based on the situation, as well as the individual's personality and beliefs.
When it comes to work projects, however, group members must engage in several phases before thorough and accurate decision-making can occur. These phases include:
1. Orientation
This is the stage when the group is formed. At this point, issues can arise between members due to unfamiliarity or past tensions. Communication is absolutely vital here, as it allows participants to get to know one another and establish a standard for interactions. This foundation will set the tone for the entire project, including limitations, rules, and best practices that need to be considered.
2. Conflict
Often seen as a “make-or-break” phase, this is where ideas are exchanged among group members. Conflict can emerge if proponents of one idea refuse to consider other perspectives or feedback. However, if the Orientation phase is successful, the negative impact of conflict can be minimised. Conversely, if this phase is not handled well, conflict can linger throughout the process, ultimately hindering results.
3. Emergence
As the name suggests, this is where a plan or idea starts to take shape from the Conflict phase. At this point, personal ideas and beliefs need to be set aside to prioritise the overall success of the group task. Those who are on board with the project’s direction should take a step back to allow others to contribute their insights.
4. Reinforcement
In this final phase, team members must commit to the ideas presented and adhere to the plan established to achieve the overall goal. Whether individuals fully agree or not, everyone in the group needs to collaborate and put forth their best efforts. Motivation to complete the project is crucial at this stage.
To strengthen these dynamics and encourage collaboration, consider exploring some engaging team away day activities that can help your group bond and work more effectively together
Need More Ideas?
