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    Heuristics & Bias

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    DB Unit 3

    Heuristics are generally identified as "rules of thumb" that we use when making decisions. We evaluate information we already know, events we've already experienced, and actions we've already taken, to help us make quick and efficient decisions. In the heuristic process we make assumptions based on what we know, what we've done and what we've experienced (thus "rules of thumb").
    From your readings in the text this past week we've learned there are three types of heuristics; the representativeness heuristic, the availability heuristic and the anchoring & adjustment heuristic.
    Post an answer to the following questions:
    Based on what you've read and researched; in your opinion, which one of the three heuristic types do you believe is the most commonly used?
    What information, facts, or data, did you use in coming to your conclusion (why did you select the heuristic you chose?)
    Provide at least one, preferably two examples to support your conclusion?

    IP Unit 3
    Your firm is hiring a new marketing manager. You and one of the other senior managers have been interviewing candidates.
    A candidate just completed the interview process and has the following skills, background and characteristics:
    · Hispanic Woman
    · Masters Degree in Marketing
    · Extensive and positive references
    · Worked in a similar position with a competitor for the past 20 years
    You are very pleased with this candidate and feel she meets and exceeds all the requirements for the position. Your co-worker, the other manager, disagrees and rejects the candidate. When you ask "why" your co-worker only states that he does not think this person is a good fit and that the search should continue. You press the issue to find out why; however, your fellow manager will not divulge or discuss any of his rationale and simply repeats he does not think this candidate is a good fit.
    Your goal for this paper is to provide analysis and be persuasive.
    Based on your review of this situation answer each of the following questions in your paper:
    1. What type(s) of heuristic(s) may be present in formulating your co-workers opinion? Explain how you came to your conclusions (support your findings).
    2. Are there possible legal and ethical implications that can result from making a hiring decision based on your co-workers opinion?
    3. After your analysis for parts 1 & 2 (above) what do you think you should say to your co-worker and what would you need to tell him to persuade and convince him that this person is right for the job and should be hired?

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    https://brainmass.com/business/business-management/heuristics-bias-200587

    Solution Preview

    The response addresses the queries posted in 783 & 1179 words with references.

    //In this discussion paper, we are going to discuss various types of heuristics. Prior to discussing various types of heuristics in the first section of the discussion, I am describing the concept of heuristic so that the reader can better under stand the types of heuristics clearly. In this series, the first section of the discussion is including the concept to heuristic under the heading introduction.//

    Introduction

    To select the best possible judgment and set the rules in decision making, heuristics are used. Heuristics are casual cut-offs which are reposed on the rules of thumb. The rules of thumb are the previous activities and procedures based on the knowledge of real time facts. These judicial decisions are spontaneous and help in building fast but tentative approximations. Though these heuristics are valuable but they can also result in logical mistakes and fallacies (Gilovich, Griffin & Kahneman, 2002).

    //After understanding the concept of heuristic, in the next section of the discussion, we are describing different types of heuristic thoroughly. The three types of heuristics are representative, availability and Anchoring & Adjustment Heuristic. The detailed description of these heuristics is given as under.//

    Types of Heuristics

    Heuristics are of three types and they are explained as follows:-

    Representative Heuristic: This type of heuristic is used to presume commonness among the similar things. The decisiveness is based on likeness and it determines the belonging of a specified illustration with a unique class or group. It is established on the belief that if X symbolizes Y, then there is a greater possibility that X has developed from Y. But, similarity is not determined by the factors affecting judgment of probability. So, this approach of judgment results into serious errors. For instance, an individual can be alleged as a bank cashier if he is very brainy and broad minded (Gilovich, Griffin & Kahneman, 2002).

    Availability Heuristic: This type of heuristic presumes that the maximum numbers of individuals develop a specific conclusion when an unpleasant incident happens in their life. People often focus on the information which is easy to memorize and develop biased decisions based on such information. For instance, carcinoma can be considered a common cause for deaths in US.

    Anchoring & Adjustment Heuristic: In this type of heuristic, an individual is given a specific economic value and after that to achieve the absolute solution; the economic value is adjusted accordingly. If the value is not similar, these estimates are biased. For instance, by examining the previous price trends, the prices of a particular product or service can be easily set.

    //After analyzing three types of heuristics in the next section of the discussion, I am providing you with the conclusion showing which one of the heuristic types should be the best and most appropriate. This will help the reader to select one of the three.//

    Conclusion

    From the above discussion it is concluded that, the most commonly used heuristic among all the three types is the availability heuristic. This is so, because most people develop judgments or decisions based on the facts and happenings in their ...

    Solution Summary

    The response addresses the queries posted in 576 and 1039 Words, APA References.

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