8. Explain how overconfidence, belief perseverance, self-serving bias, and cognitive dissonance play a role in making decisions and judgments
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8. Explain how overconfidence, belief perseverance, self-serving bias, and cognitive dissonance play a role in making decisions and judgments.
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- C. Explain the quote: “How you make a decision is often determined by how you view your choices or how you frame the questions around it”, in relation to the question: How does your emotions affect your decisions.How does Elon Musk's Process of Planning and Decision making impact performance of his employees?The expression bounded rationality means a the cognitive limitations exist for human beings b that our understanding of complex situations is bounded by our personal anxieties c that no real rationality exists because we suffer from many psychological biases d that many strategic decision are taken. By noodle managers who lack the intelligence and imagination of top managers
- List the factors that influence managers’ decision-making processes in an organization, in situations where the assumptions of perfect rationality do not apply.4. A person ‘ s right to make his or her own decision is known as a. Beneficence b. Autonomy c. Deontology d. PaternalismAccording to the case study, what are Lauren bias's in her decision making process and how does it affect her choice to make the decision alone?
- According to this case study, what are the CEO bias's that may have entered the decision making process?Why the Values- or Ethics-Based Decisions is an important step in the decision-making process? Explain this term in 6-8 sentences.What are the four personal decision styles used by managers? What are the biases that frequently cause managers to make poor decisions? What are some of the innovative techniques managers can use to make decisions? Describe at least two techniques.
- Tell the story of a time that cognitive bias was an important factor in your decision making and explain how that cognitive bias impacted the decision you made. Explain what you will do to overcome that cognitive bias in the future.How is managerial decision-making different from a multiple-choice test?"I expect all the managers in my department to act completely rationally in every decision they make", declared Eleanor Johnson, Vice President for marketing for the Olympic Toy Company. "Every one of us, no matter what his or her position, is hired to be a professional rationalist, and I expect all of us not only to know what they are doing and why but to be right in their decisions. I know that someone has said that a good manager needs only to be right in more than half of his or her decisions. But that is not good enough for me. I would agree that you may be excused for occasionally making a mistake, especially if it is a matter beyond your control, but I can never excuse you for not acting rationally." "I agree with your idea, Eleanor", said Jill Goldberg, her advertising manager, "and I always try to be rational and logical in my decisions. But would you mind helping me be sure of this by explaining just what 'acting rationally' is?" Questions: 1. Explain how the Vice…