Alumni

Game Theory: Why it matters and how to do it right

MBA Council of Houston

Chicago Booth Alumni Club of Houston

November 4, 2010: 6:30 PM - 8:30 PM

Business executives, managers, and negotiators regularly interact in ways that resemble a game of chess. As such, game theory is applicable to a wide range of interactive business situations that pose difficult competitive-cooperative dilemmas. Yet while game theory is the leading tool in academia for analyzing interdependent choices, its use in the business world has been relatively minimal and integration in decision-making processes is virtually non-existent. This situation is unfortunate, for companies are leaving significant value on the table.Drawing on their extensive experience and pioneering work in applying game theory in the business world and at Chevron in particular, Frank Koch of Chevron and Paul Papayoanou of SGG will discuss the importance of using game theory to make business decisions, how it can be applied in a practical and valuable way, and how it can and should be brought into an organization.

Where

The Briar Club
2603 Timmons Ln.
Houston, Texas

Cost

$20

Registration

Register Online
Register online at the MBA COuncil of Houston website (www.mbach.org)

Deadline: 11/4/2010

Speaker Profiles

Paul Papayoanou (Speaker)
President, SGG
http://www.stratgaming.com/

Dr. Paul Papayoanou is the founder of SGG. He developed andtrademarked the practical application of game theory known as Strategic Gaming®,which he and his firm use to help large and small companies in oil and gas,electric power, alternative energy, manufacturing, financial services, hightech, and the life sciences to develop business and negotiation strategies. Healso employs decision analysis, real options, and war gaming tools, teachesStrategic Gaming® and game theory techniques to executives, andleads the firm’s unique capabilities in political risk assessment. Dr. Papayoanou has been using game theory approaches inacademia and the business world for more than 20 years. He received a Ph.D.from UCLA in 1992, and was a professor at the University of California, SanDiego and at Harvard University. He then developed the Strategic Gaming®approach and Game Solver computer program, which he has used in his ownconsulting practices and as leader of Strategic Decisions Group’s StrategicGaming® practice. Dr. Papayoanou has lectured about Strategic Gaming®at the Harvard Business School.He has also given speeches and provided training to hundreds of energy, financial,manufacturing, and life science executives, as well as Latin American politicaland business leaders, on applying Strategic Gaming® to M&A work,business strategy, negotiations, auction bidding strategies, politicalstrategy, and on how to create win-wins in the workplace. Dr. Papayoanou is the author of a book, Power Ties,and co-editor and contributor to New Games, a special issue of TheJournal of Conflict Resolution. He has also written numerous articles thathave appeared in scholarly journals and books, as well as business publications.He will soon publish GameTheory for Business: A Primer in Strategic Gaming.

Franklyn G. Koch (Speaker)
Decision Analysis Practice Leader, Chevron Corporation
http://www.chevron.com

Frank Koch is with Chevron’sinternal project management and consulting unit, Project ResourcesCompany. He is the Decision AnalysisPractice Leader and is responsible for promoting and improving the applicationof decision sciences in the support of decision making practices across the Chevron.His primary focus includes strategy development, behavioral aspects of decisionmaking, opportunity valuation, and portfolio management. He has an extensive background in managementcoaching and training, as well as project decision support. Frank works withmanagement teams and other Chevron decision makers helping them evaluatecomplex decisions. He also teachesseveral decision analysis classes at Chevron including Introduction to DecisionAnalysis, Introduction to Game Theory, Decision Quality for Decision Makers,& Framing and Facilitation of Complex Decisions. Frank has worked for Chevronfor over 30 years beginning his career as a development and explorationgeologist. He has been active in the useand improvement of decision analysis, and planning tools for most of his careeracting in both staff and managerial positions. Frank is a fellow of the Society of DecisionProfessionals and is currently serving on its Board of Directors. He is also the executive editor of theSociety of Petroleum Engineers’ peer reviewed journal: SPE Economics &Management. He has participated askeynote speaker and chairperson in numerous industry and professionalconferences; and has served on the steering committees for various industry forumson Risk Management, Portfolio & Asset Valuation and Strategic DecisionMaking. Frank has a B.S. in geologyfrom the University of Rochester(1974) and an M.S. in geology from StanfordUniversity (1981).

Questions

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