Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Managerial Decision Making
Understanding bias is crucial to good decision-making because of the problems that are inherent in emotional human beings making intellectual decisions. That is not to suggest that people cannot engage in logical and rational decision making, but simply to recognize that there are frequently problems in the logical decision-making process. "Several of these problems occur because the human mind is easily influenced by internal and external factors. Biases and perceptions can lead to a misconstrued view of reality and the way we process information (Rebugio, 2013). Furthermore, there are several different forms of bias: confirmation bias, anchoring, overconfidence bias, gambler's fallacy, and fundamental attribution errors (Pavey, 2014). As a result, when decisions are made in group settings, there may actually be several different types of bias impacting, and these various biases may actually make it more difficult for individuals to recognize that their teammates are engaging in biased decision-making and how those different biases may interact. "Psychological bias -- also known as cognitive bias -- is the tendency to make decisions or take action in an illogical way" (Pavey, 2014). Being aware of bias immediately makes a person aware of the potential that others are acting in an illogical way. This is self-evident when a co-worker is openly acting in an illogical manner, but may be much more subtle when a team member is in charge of making conclusions based upon evidence and information that is not shared by the entire team. These different conclusions may be biased, and it may be difficult, though not impossible, to recognize that bias if unfamiliar with the source material. In fact, relying upon information relayed by trusted people could actually be a means of introducing bias into decision-making, because of the positive connotations associated with those people and the desire to trust their judgment about decisions without questioning that judgment.
It is impossible to…
References
Pavey, S. (2014). Avoiding psychological bias in decision making. Retrieved May 18, 2014
from MindTools website: http://www.mindtools.com/pages/article/avoiding-psychological-bias.htm
Rebugio, A.B. (2013, July 12). Bias and perception: How it affects our judgment in decision making and analysis. Retrieved May 18, 2014 from Small Wars Journal website: http://smallwarsjournal.com/jrnl/art/bias-and-perception-how-it-affects-our-judgment-in-decision-making-and-analysis
Without taking into account these factors, strategic planning will not measure up to the requirements of planning adequately for the future. The author also notes that the complexity of strategic planning is increased by the flexibility of the all the factors involved. Thorough analysis is therefore required to construct a viable strategy that takes into account as many factors as possible. As an example, Habegger (2009: 3) mentions the United
Biases and Judgment In the notes from the Juicy Red Tomato Steering Committee, it becomes quite clear that there are several biases, held by the steering committee members, and that these are reflected by their attitudes and comments regarding the proposal. Reflective decision-making is not being utilized by these committee members, as also evidenced by their comments. Reflective decision-making requires reflective thinking, and this is based on an individual being open-minded
Biases in Decision-Making Biases refer to prejudices or favors of or against an object, group, or individual in comparison to another (Moule, 2009). This aspect is normally unfair in relation to making critical as well as effective judgment or decisions. On the other hand, unconscious biases refer to our natural people preferences. Unconscious biases also relate to the concept of hidden biases in the process of making unfair decision. Unconscious biases
The true source of drama, then, is in the accounts of the genuine events, or fictionalized versions of true events. The Nuremberg war crime trials presented many thorny jurisprudential issues, such as the problem of ex post facto criminal law and the issue of how the court obtained jurisdiction over the defendants. In particular, what justification is there for an international (rather than a German) tribunal to try a case
Generally, online students need to have a high level of self-motivation for their studies. Being aimed towards the adult, working student body, Strayer attracts students who are not motivated only by the subject matter of their studies, but also by what this can mean in terms of their self-development. This extra level of motivation is encouraged by the structure and aims of Strayer University. This relates to the individual needs
Or if a robbery occurred and among the suspects was a black person, what is the likelihood of people accusing him of the offence. Very high, we would say. This is because of availability and stereotypical connection between people of minorities and crime. In this heuristic again, five kinds of errors or biases can emerge: 1. Some errors are purely theoretical in nature. The two events may not be as