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Summary Judgment in managerial decision making

- Max H Bazerman, et al
ISBN-10 0470049456 ISBN-13 9780470049457
435 Flashcards & Notes
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A snapshot of the summary - Judgment in managerial decision making Author: Max H Bazerman, Don A Moore ISBN: 9780470049457

  • 1 Introduction to Managerial Decision Making

  • 1.1 The Anatomy of Deciscion

  • To what refers the term Judgment?

    To the cognitive aspects of the decion making process

  • Bias 1: Ease of Recall? (Простота воспоминаний)

    Sometimes a new memory can make people think that is a true answer. Because it seems more actual. Many of decisions based on viviness (яркость)

  • Bias 2: Retrievability (востанавливаемость), based on memory structure?

    Associations.

  • 1.2 System 1 and System 2 Thinking

  • By what system are most decisions made?

    System 1 thinking

  • What illustrate fives biases?

    The systematic irrationalities that can occur in our judgements when we are unaware of this tendency.  

  • In most situations, System 1 thinking is sufficient

    but System 2 logic should preferably influence our most important decisions

     

  • 1.2.1 Bias 3: Insensitivity to Base rates

  • Bias 3: Insensivity to base rates (Нечувствительность к базовой оценке)?

    People make decision by basing on the descriptions and details, but ingore a main base or information 

  • 1.2.2 Bias 4: Insensitivity to Sample size

  • Bias 4: Insesnsitivity to Sample size (Не чусвтвительность к оценке размера) ?

    People forget to pay attention size of sample.

  • 1.2.3 Bias 5: Misconceptions of Chance

  • Bias 5: Misconception of Chance (заблуждение)?

    When people are wrong about what can happened, 50 %

  • 1.2.4 Bias 6: Regression to the mean

  • Bias 6: Regression to the mean (Регрессия к среднему)?

    Expectations; If you do something good, there is no guaranty that you will do the same result again.

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