Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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8. Explain how overconfidence, belief perseverance, self-serving bias, and cognitive dissonance play a role in making decisions and judgments.
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- What does it mean when a person is open to experience and a perfectionist?arrow_forwardWhat role does prospect theory play in understanding decision-making under risk and uncertainty?arrow_forwardDiscuss what is meant by the term reflective equilibrium. Describe why it is important in ethical decision-making.arrow_forward
- Write a paper that addresses the following points: Identify at least one bias that impacts your decision making process. Discuss what triggered this particular bias and what steps you plan to take it to address it. Discuss how this bias impacted your decision. How confident do you feel about your decision making processes in general? Do you suffer from the "overconfidence" syndrome? If so, under what circumstances?arrow_forwardSome people criticize the ‘rational actor paradigm’ by pointing to choices that seem to be clearly not self-interested, for example, giving to charity. Explain why such a choice is not a violation of the rational actor paradigm.arrow_forwardTell the story of a time that cognitive bias was an important factor in your decision making and explain how that cognitive bias impacted the decision you made. Explain what you will do to overcome that cognitive bias in the future.arrow_forward
- Apply different career decision-making theories to a real life examplesarrow_forwardHow can managers use perceptual organization principles to improve decision-making processes and enhance organizational performance by effectively interpreting and processing information from their environment?arrow_forwardHow does decision fatigue affect decision-making patterns? What strategies can individuals employ to combat decision fatigue and make better choices?arrow_forward
- What role do personal biases play in decision-making patterns? How can individuals mitigate the impact of biases on their decision-making?arrow_forwardEvaluate the impact of creativity on decision-making processes. Discuss instances where creative solutions may conflict with rational decision-making models.arrow_forwardHow do cultural and social factors influence decision-making patterns, and what are some examples of cultural and social biases that can affect decision-making?arrow_forward
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