Biases and Judgement in Decision Making
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?
Part 2
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?