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Moneyball, a book by Michael Lewis (2003), highlights how creativity, framing, and robust technical analysis all played a part in the development of a new approach to talent management in baseball. It also exhibited great examples of the biases and psychological pitfalls that plague decision makers.
Review the article “Who’s on First?” by Thaler & Sunstein (2003) from this module’s assigned readings. This article reviews the book Moneyball by Michael Lewis.
Write a critique of the article including the following points:
- Examine why sabermetric-based player evaluation is such a shock to other executives in baseball.
- Evaluate why Beane is much more effective in his success by constructing a matrix of pitfalls and heuristics that highlight the differences between Beane’s team and other executives.
- Moneyball highlights how people tend to overestimate the likelihood of success and end up facing financial loss—in this case, it meant forfeiting millions of dollars. Analyze a professional or personal decision (yours or otherwise) that highlights this predilection in spite of substantial losses.
- Explain how you would apply Moneyball’s management lessons in your own endeavors.
Write a 3–5-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M1_A3 .
By Sunday, June 15, 2013, deliver your assignment to the M1 Assignment 3 Dropbox.
Lewis, M. (2003). Moneyball. New York, NY: W. W. Norton & Company.Thaler, R. H., & Sunstein, C. R. (2003). Who’s on first? New Republic, 229(9), 27–30. (EBSCO AN: 10644212) http://libproxy.edmc.edu/login?url=http://search.ebscohost.com/ login.aspx?direct=true&db=afh&AN=10644212&site=ehost-live
| Assignment 3 Grading Criteria | Maximum Points |
| Explained why sabermetric-based player evaluation is a shock to other executives in baseball. | |
| Analyzed Beane’s effectiveness in a matrix of pitfalls and heuristics. | |
| Analyzed a professional or personal decision that highlights the tendency to overestimate the likelihood of success. | |
| Applied Moneyball management lessons in personal endeavors. | |
| Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. | |
| Total: | 100 |
Turnitin Originality Report
HeinekenJ_M1_A3 x
by Jesse Heineken
From M1: Assignment 3 (Management Decision Models | B6025-P R03)
- Processed on 13-Jun-2013 9:15 AM HST
- ID: 336286572
- Word Count: 888
Similarity Index
39%
Similarity by Source
Internet Sources:
0%
Publications:
37%
Student Papers:
39%
sources:
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15% match (publications)
Thaler, Richard H. Sunstein, Cass R.. “Moneyball: The Art of Winning an Unfair Game.(Book Review)”, Michigan Law Review, May 2004 Issue
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13% match (student papers from 21-May-2012)
Submitted to EDMC on 2012-05-21
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6% match (student papers from 14-Mar-2012)
Submitted to EDMC on 2012-03-14
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3% match (student papers from 20-May-2012)
Submitted to EDMC on 2012-05-20
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2% match (student papers from 20-May-2012)
Submitted to EDMC on 2012-05-20
paper text:
Running Head: MONEYBALL Saber-metric Based Player Moneyball Jesse Heineken Instructor: Jeff Ritter Management Decision Models 06/13/2013 Beane was able to pull this off by largely ignoring and resisting
1baseball’s conventional wisdom, differently referred in baseball lingo as the book. ‘’The book states that you should act in this situation’’ It means that numerous chapters of this book are simply wrong.
The most significance concept that
3Beane was able to utilize, was in player evaluation. Here he tried to think ‘’scientifically’’ how much a player was likely to donate to his team chances. He depended on objective evidence, clearly ignoring anything that could be discharged as subjective. Beane established that, as a statistical regularity, players drawn from high school are less likely to prosper compared to players drawn from college. Therefore, he sketched no high school players, notwithstanding how highly they were
sold.
4He hired a youthful known as Paul DePodesta, a Harvard economics graduate, who depended on his computer to project player’s accomplishments. Without ever seeing a player swing a bat
(Lewis, 2003). Beane’s Effectiveness Beane was effective in his success because he defied the conventional wisdom, which enhanced him to find methods to do things much better than they are presently done. Needing to make sure
5that statistical analyses were made and made right, Beane employed DePodesta to research player performance with the help of a computer.
2Beane ends up looking and acquiring young players that other teams simply ignore. These were individuals were largely disregarded by the professional scouts, exemplary because they had something incorrect with them; they did not suit up the scouts intellectual prototype of an accomplished ballplayer. Whereas scouts on other teams were still looking for youthful players who looked like Beane did in high school. DePodesta was occupied surfing the internet ‘’the evaluation of youthful players’’
2The statistical technique was the only method for Beane to solve serious issues, getting first-rate talent without involving a lot of money.
NewYork Yankees held
1three times the budget of the Oakland Athletics. Moreover, if Beane did seek good players, and played well, they would be bid far by richer teams. Owing to his low pay sheet, he would be obliged to change his own greatest successes. In 2001, Oakland won 102 games in the ordinary season, the second-highest total in baseball.
The pay sheet
2for that year was $34million, lesser than half that of their divisional opponents the Seattle Mariners. In Lewis account, Beane was able to prosper because trade for baseball players was inefficient, and the general understanding of sound basketball strategy so weak, thus superior management could still run circles round-by taller piles of cash.
Many professional baseball executives blunder because
1those who played the game appear to over generalize from personal experience, individuals always thought their experience was exemplary when it was not. Secondly, the professionals were unduly influenced by how a player had performed most presently, even though the current performance was not always a good guide. Third individuals were influenced by what they saw or assumed they saw, with their own eyes. This is the real issue because the human mind performs tricks, and because there is much you could not see when you observed a baseball game
(Winter, 2011). Professional Decision that Highlight Likelihood of Success Overconfidence has been referred as the most pervasive and possibility catastrophic of all the cognitive influences to which human beings fall prey. It has been faulted for lawsuits, wars, strikes, and stock market bubbles and crashes. Wars, strikes and lawsuits could emerge from over placement. If plaintiffs and accused were prone to think that, they were more worthy than their legal counterparts that could aid in accounting for the tenacity of inefficient permanent legal dispute. If organizations and unions were likely to believe that, they were powerful and more vindicate than the other party, which could lead their willingness to bear labor strikes. Over precision could have significant implications for placing behavior and stock market trading, because they cannot agree to disagree, Classical finance concept has issue explaining why, whether stock market traders are fully sensible Bayesians, There is so much traffic in the stock market and over precision might be an option. If market traders are too certain that their estimates of a property value is correct, they will be ready to trade with other partners who have otherwise information than they do. Management lessons In my own endeavors, I would employ patience as a technique because concepts take time to implement. For instance, shutting computers at night and on weekends, the estimates of savings is quite interesting and while there is no resistance, implementing might take some time. Early identification of a well-informed point individual for concept management event is a key to prosperity rollout. Acquiring a point individual for concept management tool implementation permits expertise to evolve with the tool. However, issues with the events could recognize and solve early in concept management process. Defining specific timelines for decision-making should be resolved and then followed during the course of the occasion. The timelines not only champion for engagement to occasion but also permit for simultaneous or successive scheduling of occasions. Reference MONEYBALL Lewis, M. (2003). Moneyball: The art of winning an unfair game. New York: W.W. Norton Winter, H. (2011). The Economics of Excess: Addiction, Indulgence, and Social Policy. Palo Alto: Stanford University Press. 1 MONEYBALL 2 MONEYBALL 3 MONEYBALL 4 5
