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Humanistic Management Journal

, Volume 2, Issue 2, pp 125–150 | Cite as

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

Original Research

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.

Keywords

Decision-making Ethics Humanistic management Judgment Practical wisdom Prudence Rubicon model 

Notes

Acknowledgements

This manuscript is based on a contribution presented at the Paper Development Workshop at the Global Ethic Institute ahead of the Humanistic Management Conference 2015. We are most grateful for the many helpful comments and suggestions of the participants of the workshop.

Compliance with Ethical Standards

Conflict of Interest

On behalf of all authors, the corresponding author states that there is no conflict of interest.

Ethical Approval

This article does not contain any studies with human participants or animals performed by any of the authors.

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© Springer International Publishing AG 2017

Authors and Affiliations

  1. 1.Faculty of Catholic TheologyUniversity of BonnBonnGermany
  2. 2.Faculty of Economics and Business AdministrationCatholic University of Eichstätt-IngolstadtEichstättGermany

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