Life is all about making decisions, and I am sure you will agree that we have all had to make some major business or life altering personal decisions.
Looking back, focus on a decision and evaluate the decision you made using any two of the following biases: availability, heuristic, bias related to the representative heuristic, bias related to anchoring or adjustment, uncertainty avoidance, framing effects, positive illusions, egocentrism, and regret avoidance.
- Do you feel that the decision would have been different had the two biases you chose, not existed?
There are a number of rational decision-making models in business. Research an alternate approach to decision making than that offered in your reading by Bazerman and Moore (2009).
- As a consultant, you are being asked for your views on whether the text model or your choice model is more business friendly?
- List the strengths and the weaknesses of each model.
- What are some of the risks associated with each approach?
Would this approach have helped you mitigate the biases which impacted your decision?
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One life altering decision I made was the joining of my present company. The company makes machine tools such as lathes. This decision was affected by two biases. The first is the bias of uncertainty avoidance and the second is the bias of availability. These two biases affected my decision to join the current company.
The availability heuristic had affected my decision to join my company because the moment I came to know of the vacancy, two neighbors who also worked in the same company came to my mind. My perception of these neighbors was positive and I believed them to be reasonably well off. The availability of this information affected my decision. The heuristic of uncertainty avoidance also affected my decision to join my present company. Since, information about the company was easily available; I felt that there were few uncertainties about the present company. I visited the company since it was close to my residence and looked at its impressive shop floor. There were few uncertainties about the company and so I joined it.
The decision ...
This solution explains how prejudice and wrong judgment harm decision making. The sources used are also included in the solution.