The global financial crisis of 2008 is one of the best examples of the dangers that narrow set of mental models, the authors say. Before the crisis, people either do not understand what happened or make it chose, because the profit opportunities to ignore. Some of the basic assumptions implicit in the prevailing world view before the collapse – as ever-increasing real estate prices and stock markets – were obviously wrong, but this way of thinking was so powerful, that on the whole, whether … Read more »

The global financial crisis of 2008 is one of the best examples of the dangers that narrow set of mental models, the authors say. Before the crisis, people either do not understand what happened or make it chose, because the profit opportunities to ignore. Some of the basic assumptions implicit in the prevailing world view before the collapse – as ever-increasing real estate prices and stock markets – were obviously wrong, but this way of thinking was so powerful that by and large, no objections were raised. While such narrow mental models can conceal potential threats, the right mental models could open up new opportunities, they say. The authors provide eight strategies for the development of a portfolio of mental models and overcoming inhibitors to change. In the end, they have to prove that mental models are not just an abstract concept: Millions of dollars will be won or
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from
Yoram (Jerry) Wind,
Colin Crook
Source: Rotman School of Management
5 pages.
Release Date: 1 April 2009. Prod #: ROT081-PDF-ENG
Mental Models to Transformation: Overcoming Inhibitors to Change HBR case solution