Friday, April 06, 2007

Perceptions count

One of the features of many system dynamics models created to make sense of complex situations is the differentiation between the real thing and the perception of the real thing. We people don't often react to reality; we react to what we perceive as reality. That perception typically comes with some distortion and after some delay. To understand the system that created a problem we now face, we need to attend to those perceptions as well as to that reality.

Now there is Wharton's Out of Stock? It Might Be Your Employee Payroll -- Not Your Supply Chain -- That's to Blame which gives an example of how this works in retail. You can download the research paper by Marshall L. Fisher, Jayanth Krishnan, and Serguei Netessine, too.

Thanks to the TP! Wire Service for this lead.

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