What Can Managers Learn From Professional Poker Players About Decision-Making?

Abstract

This paper aims to investigate how past decision-making experiences can improve future decision-making. Nine semi-structured interviews were conducted with profitable professional Poker players. The results point out that it is the knowledge background of the decision-maker that makes him make sense of the situations he experiences. The research findings allowed the identification of three mechanisms that facilitate and make future decisions faster and more appropriate based on past experiences: (1) memory, (2) reflection, and (3) tools and analytical approach. The research contributes by showing evidence that, when supported by analytical tools, decision-makers can improve the quality and speed of the decision-making process. For organizations and supply chains, the paper highlights the importance of recognizing patterns based on the past to make sense of the future. For operations management, in events like COVID-19, companies can take advantage of memory to enact over unprecedented scenarios, prevent disruptions, and recover.