anchoring and adjustment heuristic correct answers -hint: type of heuristic
-A process whereby people base their decisions on the first piece of information they are given without taking other probabilities into account
availability heuristic correct answers -hint: type of heuristic
-A rule of...
MGT 300 Exam #2 || WITH COMPLETE SOLUTIONS!!
anchoring and adjustment heuristic correct answers -hint: type of heuristic
-A process whereby people base their decisions on the first piece of information they are
given without taking other probabilities into account
availability heuristic correct answers -hint: type of heuristic
-A rule of thumb for making judgments on examples and events that immediately spring to
mind
bounded rationality correct answers -hint: type of rationality
-is the idea that we are restricted by a variety of constraints when making decisions
common-information bias correct answers -hint: type of bias
-the inclination to overemphasize information held by the majority of group members while
failing to consider other perspectives held by the minority
confirmation bias correct answers -hint: type of bias
-The tendency to seek out information that fuels our preexisting views and to discount
information that conflicts with our worldview
decision making correct answers -is the action or process of identifying a strategy to resolve
problems
-two types: programmed decisions and non-programmed decisions
representativeness heuristic correct answers -hint: type of heuristic
-A shortcut that bases a decision on our existing mental prototype and similar stereotypes
ease-of-recall bias correct answers hint: type of bias
-The propensity to over-rely on information recollected from memory when making a
decision
hindsight bias correct answers -hint: type of bias
-The tendency to overestimate the ability to predict an outcome of an event
projection bias correct answers -hint: type of bias
-The inclination to believe other people think, feel, and act the same way we do
escalation of commitment correct answers -The increased commitment to a decision despite
negative information
sunk cost bias correct answers hint: type of bias
-The decision to continue an investment based on past investments of time, effort, and/or
money
framing error correct answers -hint: type of error
-The tendency to highlight certain aspects of a situation depending on whether they are
positive or negative to solve a problem while ignoring other aspects
lack of participation error correct answers -hint: type of error
, -The inclination to exclude certain people from the decision-making process
randomness error correct answers -hint: type of error
-The tendency for people to believe they can predict the outcome of chance events based on
false information or superstition
ethical dilemma correct answers -conflicts between two or more morally unpleasant
alternatives
-i.e. seeing a friend cheat on a test
Heuristics correct answers -are shortcuts or "rules of thumb" that allow us to make judgments
and decisions quickly and efficiently
intuition correct answers - is the unconscious process of making decisions based on
imagination and possibilities
justice approach correct answers -hint: type of approach
-A way to base decisions on the basis of the fairness
Utilitarian Approach correct answers -hint: type of approach
-Action that results in the greater good for the majority of people
Rights Approach correct answers -hint: type of approach
-A decision-making method based on using moral principles that least infringe on the
entitlements of others
programmed decisions correct answers -hint: type of decision
-are automatic responses to routine and recurring situations
-Usually these situations have occurred in the past and are familiar to the people dealing with
them
-Decisions are generally made by following company policies and guidelines that have been
put in place to deal with specific issues
-For example, Amazon is a market leader in customer service because of its excellent policy
for responding to customer queries and resolving customer complaints
non-programmed decisions correct answers -hint: type of decision
-respond to new or non-routine problems for which there are no proven solutions. In these
situations employees will not find the answer they are looking for in the company handbook
or policy guidelines.
-Very often, the problems are complex in nature with few past occurrences for employees to
draw on
-For example, Apple's decision to invest in new manufacturing technology for its products
would have required a great deal of research, information, and judgment
satisficing decision correct answers -hint: type of decision
-aim for acceptable results rather than for the best or optimal solutions
-useful for less important decisions
-i.e.: when purchasing a pack of chewing gum, we tend to choose something that looks good
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