In this unit, you learned about the different biases in decision-making. For this assignment, you will compose an essay that examines these biases. In your essay, briefly describe each of the three general heuristics covered in Chapter 3 in the textbook (availability heuristic, affect heuristic & confirmation heuristic). Then, pick one or more of the three heuristics, and describe an original decision-making scenario that conveys how the heuristic and associated bias(es) played a part in the outcome. Explain how the biases could have been overcome to improve the decision.
This scenario can be real or imagined, and it can be about personal or business decision-making events. You should not use the scenarios or examples given in the textbook. Be sure to use what you have learned about the heuristics and biases to create your scenario.
In your essay, include both an introductory paragraph with a topic sentence and a conclusion. Your essay must be a minimum of three pages in length, and it must include at least two references, one of which must be the textbook and one of which must be another academic source. Any information from a source must be cited and referenced in APA format
Reference: Bazerman, M. H. & Moore, D.A.. Judgment in managerial decision making (8th ed.) [Vitalsource Bookshelf version]. https.//online.vitalsource.com/#books/9781118543139
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Different biases in decision-making
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Introduction
The core of the act of management is decision-making and the quality of decision determines the success of an organization in a competitive environment regardless of the amount of information and large numbers of alternatives(Bazerman & Moore, 2013). Research have showed that wrong decisions have costed many businesses since it leads to lose in market value and run out of business. It is important to note that quality decision cannot be achieved through only models and systems, there is need to counsel humans to improve the way they think, analyze information and make decisions.
Decision making is key concerned with the process by which alternatives are evaluated and options selected for implementation. Decision-making can be described to encompass mental processes where a selection of course of action is taken after evaluation of several alternatives(Dale, 2015). This means that decision-making involves the use of efficient thinking strategies termed as heuristics. A heuristic is defined as “a mental shortcut that helps us make decisions and judgements quickly without having to spend a lot of time researching and analyzing information”.
This is an indication that heuristics play critical role in both decision-making and problem-solving process. However, while heuristics speed up decision-making and problem-solving process, it introduces biases and errors in the process(Albar & Jetter, 2009). There are several heuristics people uses in decision-making ranging from general to very specific, and they serve various function in the decision-making process. This essay analyzed three general heuristics: availability heuristic, affect heuristic & confirmation heuristic.
Availability heuristic Availability heuristic is described as a tendency or probability of an event by the ease with which relevant instances come to mind. Its essence, it acknowledges that individuals typically assess the likelihood of an event by the ease with which examples of that event can be brought to mind(Bazerman & Moore, 2013). Typically, people will recall events that are recent, vivid, or occur with high frequency. Availability heuris…………………………………………………………………………………………………
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