Fiscal Year	2023
Division	Research & Sponsored Programs
Department	Naval Research Program
Investigator(s)	Tick, Simona L.
Sponsor	NPS Naval Research Program (Navy)
Summary	This study aims to support the OPNAV N80E Strategic Fiscal Analysis branch by evaluating behavioral economics-based decision science approaches that are suitable to the unique Navy environment and identifying feasible decision science application to implement with the goal to improve Navy budget processes, in particular building the Navy Program Objective Memorandum (POM). In this study, the NPS research team will: (1) Conduct a selective review of published evidence from the field of behavioral economics, behavioral finance and related decision science applications in industry and government that are compatible with the Navy and DoD budget decision environments. (2) Evaluate the sources and nature of potential systematic decision biases in the POM process and, based on the findings from the literature, identify potential ways to minimize their impact on the decision quality. (3) Outline process incentives that may improve the Navy budget process. (4) Develop and facilitate educational material on decision science applications to the Navy budget for action officers and senior leaders. The POM process is of critical importance to the DoD PPBE practice and has significant implications on efficient allocation of resources. Identifying systematic behavioral biases in the POM process would provide a solid basis for proposing correctional approaches to improve decision making, and hence better serve the national strategy.
Keywords	Decision sciences, budgeting, cognitive biases
Publications	Publications, theses (not shown) and data repositories will be added to the portal record when information is available in FAIRS and brought back to the portal
Data	Publications, theses (not shown) and data repositories will be added to the portal record when information is available in FAIRS and brought back to the portal