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Applying the Practical Wisdom Lenses in Decision-Making: An Integrative Approach to Humanistic Management

Author

Listed:
  • Claudius Bachmann

    (University of Bonn)

  • Laura Sasse

    (Catholic University of Eichstätt-Ingolstadt)

  • Andre Habisch

    (Catholic University of Eichstätt-Ingolstadt)

Abstract

In management literature, practical wisdom is increasingly perceived as a necessary resource for excellence in judgment. However, so far, little effort has been devoted to provide substantive guidance on how to apply practical wisdom into day-to-day managerial decision-making processes. In order to close this gap, we develop an item-based guideline for self-guided decision-making, which explores the specific aspects a practically wise decision-making process inherently entails. To do so, we introduce the concept of practical wisdom, highlight its recent adaptions in management, and draw a link to self-guided decision-making. Then, we explain our methodological framework and procedure. Based on these considerations, we develop the particular items by transdisciplinary unfolding and synthesizing the main dimensions and features of practical wisdom. Finally, we discuss suggestions of application, theoretical implications, limitations, and propose avenues for further research.

Suggested Citation

  • Claudius Bachmann & Laura Sasse & Andre Habisch, 2018. "Applying the Practical Wisdom Lenses in Decision-Making: An Integrative Approach to Humanistic Management," Humanistic Management Journal, Springer, vol. 2(2), pages 125-150, February.
    • Handle: RePEc:spr:humman:v:2:y:2018:i:2:d:10.1007_s41463-017-0026-6
    DOI: 10.1007/s41463-017-0026-6
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    References listed on IDEAS

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    Cited by:

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    2. Laura Sasse-Werhahn, 2019. "The Practical Wisdom behind the GRI," Humanistic Management Journal, Springer, vol. 4(1), pages 71-84, July.
    3. Laura F. Sasse-Werhahn & Claudius Bachmann & André Habisch, 2020. "Managing Tensions in Corporate Sustainability Through a Practical Wisdom Lens," Journal of Business Ethics, Springer, vol. 163(1), pages 53-66, April.
    4. Mohammad Hossein Rahmati & Ali Intezari & Bernard McKenna, 2022. "A Shi’a Islam Approach to Wisdom in Management: A Deep Understanding Opening to Dialogue and Dialectic," Journal of Business Ethics, Springer, vol. 181(4), pages 891-911, December.
    5. Michael Pirson, 2018. "Reclaiming our Humanity- a Cornerstone for Better Management," Humanistic Management Journal, Springer, vol. 2(2), pages 103-107, February.
    6. Lu Bostanli & Andre Habisch, 2023. "Narratives as a Tool for Practically Wise Leadership," Humanistic Management Journal, Springer, vol. 8(1), pages 113-142, April.

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