MGT 305 1st Edition Lecture 22Outline of Last LectureI. Types of Decision MakingII. Structured and Unstructured ProblemsIII. Programmed and Nonprogrammed DecisionsOutline of Current Lecture I. Design ThinkingII. Decision MakersIII. Biases and ErrorsCurrent LectureDecision MakingDesign ThinkingApproaching management problems as designers approach design problems-Empathize-Define-Ideate-Prototype-TestBiases and ErrorsHeuristics: general rule that simplifies decision makingThese 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 performance2) Immediate Gratification Bias: overemphasis on immediate rewards and punishments overlooking long-term consequences3) Anchoring Effected: fixation on initial information creates a starting point. Once set, we fail to adequately adjust subsequent information4) Selective Perception: selectively gather and interpret information to make decisionsTypes:5) Confirmation Bias6) Framing Bias7) Availability Bias8) Representation Bias9) Randomness Bias10) Sunk Costs Errors11) Hindsight bias12) Self-serving
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