COMMENTARY


DONE THAT BEEN THERE,


BEHAVIORAL ACQUISITION


The part of acquisition sciences that has the biggest impact on acquisition program success rarely gets studied or even acknowledged.


by Dr. Robert F. Mortlock, Col., USA (Ret.) I


n the field of personal finance, understanding human behavior has long been recog- nized as critical to individuals achieving financial independence and security. Most financial planning experts agree that if you have the time, desire and knowledge (expertise and experience), then hiring a financial planning professional may not be


necessary. However, even if you do have the time, desire and requisite knowledge, there still may be value in hiring a professional because of their independence and impartiality. In other words, the professional “protects us from ourselves.”


In personal finance, countless studies have shown that individuals tend to make finan- cial decisions that are emotionally driven and not in their own best interests, rather than objectively driven and based on data and analysis. Tis study of how people make personal financial decisions is often referred to as behavioral finance, an area where financial plan- ning professionals bring real, measurable value to their clients. Tey keep their clients from making financial decisions based on emotions or biases.


SO HOW IS THIS RELATED TO DEFENSE ACQUISITION? Acquisition professionals provide this type of value to senior defense leaders for acquisition programs. Understanding and studying the human part of the acquisition sciences may be the single most critical aspect to achieving better success and effectiveness in defense acqui- sition. Senior acquisition leaders across DOD often proclaim that the defense acquisition system’s most important asset is its people—the professionals in the acquisition workforce.


https://asc.ar my.mil 141


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