Page 15: of Maritime Reporter Magazine (October 2015)

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This sense making is heavily in? uenced through all the options, thinking about means there is likely to be a tradeoff be- perception where thoroughness is valued by a number of factors, such as culture, alternatives and interpreting all facts. tween safety (by thorough investigation) less and seamen feel the need to work as past experience, ability to communicate, Therefore, decision-making is a very and pro? tability (by deciding quickly). ef? ciently and as quickly as they can. It empathy and one’s character. time-consuming task and we need to de- In reality, companies need to be both at is dif? cult to consciously act against this

Even we make a decision we can never cide how ef? cient or thorough to be, as the same time. The company’s culture urge and people need adequate training be certain that we have made the right time is a valuable and rare commodity in dictates which of the qualities is more in order to make proper decisions that one and that we have interpreted all rel- shipping. favored. Pressure from the company’s determine when it is better to be more evant data in the way that is favorable That presents a problem because it demand for ef? ciency leads to a shift in thorough.

for a positive outcome. This is partly because we want our plan to work or our decision to be right, hence, we are tricked by our brain into selectively ? nd- ing assumptions and interpretations that are good from our personal point of view.

This all involves risks and we need to accept risks, but sometimes we know that we do not have suf? cient informa- tion or we feel a false sense of safety and still head for our conclusion / plan / deci- sion.

What Affects Risk Taking?

Risks are determined by our feeling about a given situation, which of course can be easily wrong. The feeling might be in? uenced by an incorrect perception of control. This imagination of having control is biased by thinking positively about our skills, experience, technical equipment, hard training and a familiar- ity with the situation. People forget that missing knowledge and over-estimation can then lead to bad decisions.

“The Human Element – A Guide to

Human Behavior in Shipping Industry” gives an example of a deckhand who was washed overboard – he only secured himself in heavy weather by wrapping an arm around the pulpit rail instead of

Maritime risks are vast. So is our team to see you using the harness. Therefore he took a risk, and based on his perception his through them.

decision was good enough, but it was clearly proven otherwise. This situation

Whether you provide marine services or transport goods, people or cargo, you face countless property involved perceived familiarity, it was not the ? rst time the deckhand had secured and liability risks. When you work with Travelers Ocean Marine, you’ll be working with a team that has himself like this; therefore the situation deep knowledge of the maritime industry – backed by the financial strength of the #1 commercial seemed to be familiar and hence control- property writer in the U.S.* We’re dedicated to helping you understand how to protect against lable. Another point of in? uence is per- the unknown. But if the unfortunate should occur, you’ll be ready with the power of Travelers. ceived value – when something supports

That includes a 12,000-person claim organization – with a catastrophe response team, ready to be a higher goal and could bring one a big step closer to achieving it, so the more deployed at a moment’s notice – and the financial strength to handle major claims. You can rest easy we desire it, the less risky it appears.

knowing you’re not going it alone.

How Decisions are Made

To make a good decision based on the *Reported by SNL Financial information we have we need to work

The Author

Matti Bargfried (M.A.) is Head of Market- ing in the maritime IT-company “CODie software products e.K.” Specialized in

Sales Management, Strategic Marketing and SEO he serves the maritime indus- © 2015 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. try since 10 years. CODie is Germany’s and other countries. 15-OM-1837 Rev. 8-15 second biggest vendor for ? eet, crew and safety management software. 15

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.