Sunk cost fallacy bias - Study guides, Class notes & Summaries

wpc 300 final Study Guide Exam latest 2024/2025 Principles of Problem Framing - CORRECT ANSWER-Tell, find and routinize Tell an interesting and complete story - CORRECT ANSWER-The problem you address should be meaningful Solution could be reused for related problems Assumptions, boundaries Find an appropriate solution framework - CORRECT ANSWER-Break down the problem into pieces Iterative process (agile vs waterfall) Identify appropriate analytical/modeling techniques Routinize the...

When everything starts to seem like a lie to investigators, it is called _____ correct answers liar's stereotype Looking for or seeing something that confirms what you believe and ignoring things that contradict that belief is called _____ correct answers confirmation bias The theory of the polygraph test is that lying causes ____ correct answers physical arousal What are the types of physical arousal that the polygraph test tracks? correct answers heart rate blood pressure galvanic ...

PYSCH SUMMATIVE COMPLETE QUESTIONS System 1 thinking ANSWER = The set of automatic biases, heuristics, and intuitions by which we make most of our daily decisions. intuition ANSWER = an effortless, immediate, automatic feeling or thought, as contrasted with explicit, conscious reasoning System 2 Decision Making ANSWER = slow, deliberate, analytical, and consciously effortful mode of reasoning Dunning-Kruger Effect ANSWER = The tendency for unskilled individuals to overestimate their o...

Confirmation Bias a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pessimism Bias - The Framing Effect Bias - Confirmation B...

Gamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias correct answers A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias correct answers Sunk-cost fallacy ________ refers to a bias that causes an individual to value an owned object high...

organizational behaviour the study of what people think, feel, and do in and around organizations social science drawing on other social sciences: psychology, sociology and political science interpretive, descriptive, and prescriptive importance of organizational behaviour understanding yourself, others and power dynamics helps companies to attract and retain employees evidence based management Relies on systematic empirical studies- understanding relationships based on scien...

What are some characteristics of science? - o Objective o Verifiable o Ethically neutral o Reliable/repeatable o Precise o Accurate What is pseudoscience? Why do people tend to believe pseudoscience? - o Statements, beliefs, or practices that are claimed to be both scientific and factual but are incompatible with the scientific method. o They tend to believe because of marketing - - Compelling theory - "Evidence" Four types of cognitive bias - o Desire to believe. o Sunk Cost Fall...

Confirmation Bias a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pessimism Bias - The Framing Effect Bias - C...

Confirmation Bias Correct Answer a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias Correct Answer Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases Correct Answer - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pessimism Bi...

WPC 300 Exam 1 Questions & Answers 2023/2024 Anchoring bias - ANSWER-Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. - ANSWER-a clustering illusion Which of the following is an example of secondary data? - ANSWER-Firm's proprietary data In an agile approach of analytics what is the first step of the process? - ANSWER-perform business discovery Predictive analytics may be applied to __________, which is a set of techniques that use de...