What decision concepts (theories, principles, heuristics, etc.) were demonstrated for each of the situations within the Unit 3 Activity? Be sure to justify and explain your rationale for choosing each principle.
What do these decision concepts imply about the ways in which we people make decisions?
Can any of these decision concepts lead to critical errors in judgment? Why or why not? Be sure to support your conclusions.
One of the decision concepts that were illustrated was the regression to the mean. This is a form of representative bias. In this the decision maker assumes that the output will be similar to the input, though this is not always the case. This decision concept implies that we do not make enough allowances for the back that the input may not be representative of the output. This can lead to critical errors in judgment because we may prejudge the output and make decisions based on a bias.
Another decision concept that was illustrated is the law of small numbers. This means that we assume that random sample of the population will represent the population more closely than those produced by statistical theory. This decision concept implies we tend to attribute too much similarity between a random sample and the population and this ...
Solution Summary
This posting gives you an in-depth insight into Decision Making
... et al.'s Toolbox Help - Evidence-informed decision-making entails the ... and combining that knowledge to make educated and informed decisions (ACHE, 2012 ...
... best practices and research evidence into the decision-making process to ... of current best evidence in the practice to make clinical decisions about how ...
... with the decision making process - Define by when the decision needs to be made - Communicate to affected parties who is making the decision and the ...
... my experience, when managers are making decisions, they usually ... at the problem and follow decision making rules ... the problems that I have made came spontaneously ...
... My mental model has also limited my decision making in several ways. I have made several decisions in my past life by the formation of a particular ...
... is a matter of choice, no two decisions will be identical or be made in the same ... Decision-making must be like medicine where people find it understandable & ...
... Unless, these decisions are taken, the sponsor will not approve the steps outlined in the flowchart the project. 3. Middle level decision-making: please note ...
... usually the choice with the better NPV/IRR/Payback, although decisions often consider ... one where you measure what you gave up by making a particular decision. ...
