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. Chapter . 11. Negotiator Cognition. Copyright 2013 John Wiley & Sons. Common Mistakes of Negotiators. The fixed pie myth. Framing of negotiator judgment. Escalation of conflict. Overestimating your value. Objectives. Structure uncertain decisions – tree format. Symmetric. Asymmetric. Sequential decisions and Information seeking. Analyze uncertain decisions. . Solve a decision tree – Maximize (or Minimize) the expected value. © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Data. Raw facts and observations. Information. Data made useful for decision-making. 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. CH1: Selective Perception. What is selective perception. People selectively perceived what they expect and hope to see.. Cognitive factors: . prior belief . expectations. Motivational factors: . © 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. 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. 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. Learning Outcomes. Explain dominance structuring and how it impacts our ability to consider our options in a full and fair-minded . way. Describe and apply the strategies used by strong critical thinkers thoughtfully to manage, monitor, and self-correct their decision making. Section 2-2: Making Decisions & Setting Goals. I. Making Responsible Decisions. Decisions about major life issues must be made carefully & deliberately.. Treat decision making like you would approaching a busy intersection.. © 2015 Cengage Learning. MGMT7. © 2015 Cengage Learning. 5-1. discuss the benefits and pitfalls of planning. 5-2 . describe how to make a plan that works. 5-3 . discuss how companies can use plans at all management levels, from top to bottom. Statin Choice Decision Aid Share-Decision Making SCIP Shared Decision Making Shared Decision Making Glasziou and Haynes ACP JC 2005 Promote a process where patients and clinicians make a choice together. Unstructured. : Decision maker must provide judgment, evaluation, and insight to solve . problem. Structured. : Repetitive and routine; involve definite procedure for handling so they do not have to be treated each time as . . 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.