Discuss two common errors in the rational decision-making process of confirmation bias and overconfidence bias.
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Discuss two common errors in the rational decision-making process of confirmation bias and overconfidence bias.
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- List and describe at least three barriers to effective decision-making.Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.What principles form the basis of the rational decision-making model and what are its major dimensions? What is the difference between that and the bounded rational approach to decision-making.
- How does decision theory address the concept of bounded rationality in decision- making?Explain at least two example situations where following types of decision making can be more effective: Rational decision making Intuitive decision makingDiscuss the differences between decision making under certainty, under risk, and under uncertainty.
- Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.Identify factors that are important for good decision-making and what factors can inhibit good decision making.You are on the lookout for a new smartphone after your old unit has gone kaput. Given so many brands available in the market, you were confused and undecided about the purchase to give you the optimum solution. a. Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.
- describe an original decision-making scenario that conveys how the heuristic (availiability, representativeness, or confirmation) and associated bias(es) played a part in the outcomeState the differences between decision making under certainty, under risk, and under uncertainty.How does decision fatigue affect decision-making patterns? What strategies can individuals employ to combat decision fatigue and make better choices?
