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MO 300 Final questions with actual answers.
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MO 300 Final questions with actualanswers.
Availability Heuristic ANS -Assessing the likelihood of an event based on the availability in memory
(vivid, emotional)
-Biases based on this heuristic are ease of recall, retrievability, and presumed association
Representative Heuristic ANS -Looking for traits that correspond with previously formed stereotypes
- Biases based on this heuristic are insensitivity to base rates, insensitivity to sample size,
misconceptions of chance, regression to the mean, and the conjunction fallacy
Acronym: Representative congressmen regress to insensitivity^2
-Representative heuristic: conjunction fallacy, regression to the mean, insensitivity to base rates,
insensitivity to sample size
Retrievability bias ANS -(AH) Based on memory structure. How easy something is to retrieve from your
memory system affects judgment
Ease of recall bias ANS -(AH) Based on vividness and how recent it is. The easier it is to recall something,
the more likely you are to think something occurs frequently
Presumed association bias ANS -(AH) Our perception of the likelihood of two events occurring together
is biased based on our own previous associations
Insensitivity to base rates bias ANS -(RH) Ignoring the average rate of something when making a decision
(Ex: not making a prenuptial agreement because you feel like a high divorce rate doesn't apply to you)
Insensitivity to sample size ANS -(RH) A large sample is less likely to deviate from the mean, but people
ignore that when making a decision
, Misconceptions of chance ANS -(RH) We expect probabilities to even out, or that random chance should
look random
Regression to the mean ANS -(RH) we tend to naively develop predictions based on the assumption of
perfect correlation with past data. Extreme cases will naturally regress toward the mean.
The Conjunction Fallacy ANS -We often assume that two items occurring together are more probable
than them occurring apart.
Prospect theory ANS -Losses seem worse than equivalent gains (Framing effects)
How to encourage psychological safety ANS -Share values, display fallibility, and actively listen
4 Steps to decision-making process when in a team ANS -Identify and explore problem
Generate possible solutions
Refine and critique solutions
Implement solution
Culture (definition, 3 levels, and way it emerges) ANS -A group's taken for granted behavioral
expectations and community shared values and beliefs
Level 1: Observable characteristics
Level 2: Values and beliefs
Level 3: Underlying assumptions
Emerges: recognizable social unit, shared history, and a repeated way of doing things
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