Decision Making Reflection Essay

In terms of the anchoring bias, regularly revisit of the original decision based on the newly gathered data needs to be set up within the organization. Additionally, the decision maker should avoid the Confirmation Trap in which Bazerman and Moore (2009) argues that people tend to seek information that confirms their expectations and hypotheses. To recognize the bias, Mike Francis could

Hindsight bias: the tendency for us to believe falsely that we’d have accurately predicted the outcome of an event, after that outcome is actually known.

Your job now is to pull together all the information you’ve completed so far in class and make salary decisions for your team. You have completed Cathy’s evaluation and received assignment feedback. This is the first year that you’ve made salary decisions for this team. Be sure to carefully review the information provided. You may simply type in the cells as the text will automatically wrap. You are required to:

Reflect on a time when you challenged a belief or idea. What prompted you to act? Would you make the same decision again?

Decision-making is always critical in people’s day-to-day lives. Individuals have to make choices between the very many options they have at their disposal. In doing so, sound judgement is needed, accompanied by much sobriety (Fay, & Montague, 2014). However, in trying to make sound decisions people always base their opinions on certain reference points. In fact, psychologists have generated much data, which shows that people rely so much on the pieces of information that they get to the extent that their judgement is affected. This usually presents the challenge of not making the best decision (Kansal & Sing, 2015).

One of the biases that have been proposed by Kahneman and Tversky, and researched a great deal is the Availability bias. Availability bias is the concept of giving first choice to events and information because they are often more recent or giving preference to events, observed personally. Senior managers and decision makers are often victims of availability bias. Availability bias occurs when decision makers estimate the probability of outcome based on how prevalent the outcome appears in their lives (Pompian, 2011)

What do these biases entail? Kreitner and Kinicki (2013) list 8 biases that effect are decision making. Lee and Lebowitz (2015) writers for Business Insiders, reports that there are 20 cognitive biases. No matter the different types, there is agreement that we have to acknowledge the human element in making

The decision making process is not without mistakes. We are human and humans make mistakes. At times, these mistakes are bridged with biases and occur when judgemental heuristics are used. This is a process in which people use unconscious shortcuts to reduce information processing. These shortcuts come from our past experiences and have both pros and cons. There are eight biases the text discusses including availability heuristic, representativeness heuristic, confirmation bias, anchoring bias, overconfidence bias, hindsight bias, framing bias, and escalation of commitment bias (Kreitner & Kinicki, 2013).

When comparing he Troop Leading Procedures, (TLP), with the Military Decision Making Process, (MDMP), one sees how both work in different situations to fulfill different needs for the leader/decision maker. The TLP works well in leading field operations, allowing leaders to make decisions to fulfill the mission given with a level of independence to react to the changing situation on the ground. The MDMP allows decision makers to develop an overall strategy for operations within the region, coordinating with multiple units to achieve an overall goal, giving commanders a big picture view of the area. Overall, both processes old certain similarities and differences between each other, but neither process is better than the other, due mainly to

In decision making, we make an array of methodical mistakes that are usually related to many biases that transpire when using judgmental heuristics (Kreitner & Kinicki, 2013). Such judgmental heuristics denotes guidelines followed to decrease data dispensation needs (Kreitner & Kinicki, 2013). We are given eight biases that play a role in our decision- making processes which are availability heuristic, representativeness heuristic, confirmation bias, anchoring bias, overconfidence bias, hindsight bias, framing bias, and escalation of commitment bias.

The first bias I will discuss is the social desirability bias. People, accountants included, tend to respond to questions about socially acceptable behavior with an answer that is not true of themselves but rather answer with a behavior that is seen as acceptable by society. For example, when a candidate for a job is asked how important pay is to their decision the candidates respond with moderate answer. This is because it is considered socially unacceptable to take a position with pay as the primary influence. People tend to under state their use of behaviors that are seen as unacceptable socially such as drunk driving or the use of illegal drugs. The opposite is also true. We tend to overestimate our involvement in socially admired behaviors such as giving and helping people who are less fortunate. (Chung & Monroe, 2013)

Organizational behavior helps managers to improve the organization in a good way. Decision making process is the one of the behavior in human organizational behavior. According to McShane and Von Glinow (2000), “decision making a conscious process of making choices among one or more alternatives with the intention of moving toward some desired state of affairs”. Decision making is a linear process and it includes six steps such as identifying the problems, gather and evaluate data, list and evaluate alternatives, select best action, implement the decision and getter feedback (refer to Figure 1 in Appendix 1).

General assumptions create the foundation of a person's reasoning. Imperfections with a supposition can create the opportunity for a skewed perspective in a person's reasoning process (Paul & Elder, 2002). The process of choosing one course of action over another is commonly known as decision making. Consciously or unconsciously, people make decisions on a daily basis founded on one or more of the various decision-making models (Sullivan, n.d.). This paper examines how I apply various decision-making models in the workplace to generate accurate workload estimations in my career.

“Groupthink” is a term coined by Yale research psychologist Irving Janis to describe a process by which a group can make poor or

The focus of my term paper is the decision making process used by today's top-level managers. Top-level managers, such as Chief Executive Officers (CEOs), Chief Operations Officers (COOs), and Chief Financial Officers (CFOs), must make critical decisions on a daily basis. Their choices and the resulting outcomes affect the company, the employees, and the stakeholders. Due to the high importance of their decisions, the process they use to reach them merits a close examination.