True or false .5. There is no good-for-all basis for decision-making.
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- What can individuals do to improve the quality of their decision-making?Decision-Making (Cognitive) Biases Obtain from your library (or, from https://hbr.org/2011/06/the-big-idea-before-you-make-that-big-decision) a copy of the following article:D. Kahneman, D. Lovallo, and O. Sibony, “Before You Make That Big Decision. . . ,” HarvardBusiness Review, June 2011, pp. 51–60. In this article, the authors argue that “Even highly experienced, superbly competent, and well-intentioned managers are fallible” (p. 60). They discuss avariety of cognitive biases associated with the decision-making process. Such biases can diminishthe quality of decisions. The authors maintain that understanding these biases may decrease theireffect and offer a checklist designed to facilitate decision quality control.Required1. What is meant by the term “cognitive bias”?Can you describe the difference between a rational decision and a non-rational decision? Is it possible to always make rational decisions?
- What are the key elements of effective decision-making, and how can managers develop the skills required to make sound decisions in a wide range of contexts?4.1) Discuss with examples, Step 3 to step 7 of the decision-making process."Because managers have so many powerful decision-making tools to use, they should be able to make more rational decisions" Do you agree with this statement?
- Aaron Alexis, the former Navy reservist who went on a shooting rampage in September 2013 and killed 12 people at the Washington Navy Yard in Washington D.C., had a history of mental instability, but he was carrying a valid security clearance. Applying the decision‑making steps, How would you suggest managers make decisions for issuing or revoking security clearances to prevent this kind of catastrophe?a) Why is decision making often described as the essence of a manager’s job? b) Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision? c)How can managers improve their decision-making skillsConsider a big decision you have taken. Write a description of the decision using the steps in the decision-making process as your guide. What could you have done differently in the process to improve your decision?
- Can you describe the difference between a rational decision and a non-rational decision?Write a paper that addresses the following points: Identify at least one bias that impacts your decision making process. Discuss what triggered this particular bias and what steps you plan to take it to address it. Discuss how this bias impacted your decision. How confident do you feel about your decision making processes in general? Do you suffer from the "overconfidence" syndrome? If so, under what circumstances?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.
