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Decision Making - Coggle Diagram
Decision Making
Biases and Errors
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hindsight bias: false belief that the outcome could have accurately been predicted when the outcome is known
Diversity
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Disadvantages: more time consuming, difficult to reach agreement, communication issues due to language barrier
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Structured Problems; straightforward, familiar, easily defined
escalation of committment: increased commitment to a previous decision even if it may be wrong; people don't want to admit they made an error
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Unstructured Problems; incomplete infomation, unique, relies on non-programmed decision making (custom made solutions)
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Uncertain conditions; decisions affected by psychological orientation of manager e.g. level of optimism
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Non-Linear Thinking: internal source of infomation; intuition, feelings
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