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
... Under such circumstances, decisions made by one person ... Communication must be made simple by the ... References: Group Decision Making: Drawing Out and Reconciling ...
...making •Establish criteria for how decisions will be ... it can result in poor decision been made. ... and takes into consideration their opinion in decision making. ...
... Minority control: This decision making method utilizes skills and ... involved or when routine decisions have to ... voting: This method allows decision making as per ...
... Stakeholders are consulted over important decisions involved in the ... whether individual or group decision making methods should ... on the kind of decision that has ...
... techniques, habits and standard operating procedures to facilitate decision making. ... they would be able to make different decisions, but the ...
... Step 1 One life altering decision I made was the ... The decision could have been different, had the two ... I selected is a four step sequence when making decisions. ...
... When a decision is made and that affects several other persons ... enables decision makers to consider the reactions to the decision before making decisions. ...
... They make lists and follow procedures. ... methods were successful and each of the three sales teams made a sale. Thinking and decision making styles are analyzed ...
... I had always thought that decision making was one ... Many good decisions cannot be taken because negative consequences are not acceptable to decision makers. ...
... The second ethical decision-making approach is the rights approach ... some general recommendations that I can make for improving ... is that if a person makes her own ...
