PPT-Chapter 14 - Decision Making Biases

Forecasting Biases misinformation to be used in making Decisions Decision Bias Information can still lead to biased decisions Confirmation bias Decision tendencies to go with Status quo. Sarah Lennon. Inclusion Ireland. Overview. The current situation in Ireland. Context for Change. Typical Case Studies. The Future. Currently in Ireland. Status Approach to Capacity. Decision that someone ‘lacks capacity’. Creativity, and Entrepreneurship. chapter seven. McGraw-Hill/Irwin. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.. Learning Objectives. Understand the nature of managerial decision making, differentiate . Creativity, and Entrepreneurship. chapter seven. McGraw-Hill/Irwin. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.. Learning Objectives. Understand the nature of managerial decision making, differentiate . SYSTEMS. Decision Support Software. Reasons for the growth of decision-making information systems. People need to analyze large amounts of information. People must make decisions quickly. People must apply sophisticated analysis techniques, such as modeling and forecasting, to make good decisions. MBA-542. Instructor: Erlan Bakiev, Ph.D.. 1-. 1. Chapter 5 . Perception and Individual Decision Making. 5-. 2. Essentials of . Organizational Behavior. , . 11/e. Stephen P. Robbins & Timothy A. Judge. © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Understand the role of . information in . the management process. Cognitive Neuroscience. David Eagleman. Jonathan . Downar. Chapter Outline. How Do We Decide What to Do?. The Predictably Irrational . Homo sapiens. Where Do Our Irrational Decisions Come From?. How the Brain Decides. Dr. . Y. İlker TOPCU. www.ilkertopcu.. net. . www.. ilkertopcu. .org. . www.. ilkertopcu. .. info. facebook.com/. yitopcu. . twitter.com/. yitopcu. instagram.com/. yitopcu. Dr. Özgür KABAK. Karl A. Smith. Engineering Education – Purdue University. Technological Leadership Institute/ STEM . Education Center/ Civil . Engineering . - University of Minnesota. ksmith@umn.edu - http. ://www.ce.umn.edu/~smith. Alyssa Candelario and Shannon Baker. What is Reasoning?. The action of thinking about something in a . r. ational and realistic way, which leads to a decision.. Two types of Reasoning. Inductive: . working . How to see past our biases and get at the truth?. Data-driven, quantitative risk modeling and . decision-making. Ten barriers to making good unaided decisions. Plunging in. Frame blindness. Lack of frame control. Purpose: . Discuss techniques for managing biases in order to improve decision making. REF: . Outsmart your Own Biases, HBR 2015. Idea in Brief. The Problem. . Cognitive biases muddy our decision making. We rely too heavily on intuitive, automatic judgements, and even when we try to use reason, our logic is often lazy or flawed.. Learning Outcomes. Identify the steps in the decision-making process. Describe various models of decision making. Discuss the individual influences that affect decision making. Explain how groups make decisions. . Three years of losses often turn investors with thirty-year horizons into investors with three-year horizons; they want out.. Kenneth Fisher and Meir . Statman. . 2. Self-Control. People struggle between two personas—a doer and a planner.