Analytics - Answer-Learns by analyzing
uses step by step procedure
values quantitative info and models
Builds mathematical models and algorithms
Seeks optimal solution
Heuristics - Answer-Learns by acting
Uses Trial and Error
Values Experience, effort reduction
Relies on common sense
See...
WPC 300 Midterm Exam Questions and
Answers
Analytics - Answer-Learns by analyzing
uses step by step procedure
values quantitative info and models
Builds mathematical models and algorithms
Seeks optimal solution
Heuristics - Answer-Learns by acting
Uses Trial and Error
Values Experience, effort reduction
Relies on common sense
Seeks satisficing solution
Fast and Frugal
May lead to decision biases
Cognative Bias - Anchoring Bias - Answer-over reliance on the first piece of info you
hear
Cognitive Bias - Bandwagon Effect - Answer-group thinking, adopting a decision based
on the number of people who hold a certain belief
Cognitive Bias - Clustering Illusion - Answer-Tendency to see patterns in random events
Gambler's Fallacy
Cognitive Bias - Zero risk Bias - Answer-because we love certainty and hence ignore
risk entirely while making decisions
Cognitive Bias - Availability Heuristics - Answer-Overestimate the importance of info
that is available
Cognitive Bias - Overconfidence - Answer-too confident about your ability, especially
when you are considered an expert in your field
Endowment Effect Bias - Answer-aka "status quo bias"
phenomenon in which most people would demand a considerably higher price for a
product that they own than they would be prepared to pay for it
hypothesis that people value a good more once heir property right to it has been
established
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