MGT 305 1st Edition Lecture 22 Outline of Last Lecture I Types of Decision Making II Structured and Unstructured Problems III Programmed and Nonprogrammed Decisions Outline of Current Lecture I Design Thinking II Decision Makers III Biases and Errors Current Lecture Decision Making Design Thinking Approaching management problems as designers approach design problems Empathize Define Ideate Prototype Test Biases and Errors Heuristics general rule that simplifies decision making These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute 1 Overconfidence Bias unrealistically positive views of self and own performance 2 Immediate Gratification Bias overemphasis on immediate rewards and punishments overlooking long term consequences 3 Anchoring Effected fixation on initial information creates a starting point Once set we fail to adequately adjust subsequent information 4 Selective Perception selectively gather and interpret information to make decisions Types 5 Confirmation Bias 6 Framing Bias 7 Availability Bias 8 Representation Bias 9 Randomness Bias 10 Sunk Costs Errors 11 Hindsight bias 12 Self serving bias
View Full Document
Unlocking...