Throughout the course you will have four discussions – Week 2, Week 4, Week 5, and Week 6. You will want to make sure to review the Week 7 assignment in the course, as this requires you to use the information from these four discussions. Make sure that you are diligent in using these discussions as a way to gain the knowledge and information you will need to complete that final assignment.
Choose the bias that you believe most reflects each of the six statements below. Explain why you selected that bias in your initial posting. Keep in mind that you will not be able to change your answer after you have selected your bias.
Explain how the biases in those statements might influence or affect the decision making process.
Address how each of these statements and biases affect gathering, interpreting, and evaluating information.
STATEMENTS:
- “That’s the way we’ve always done it”
- “The CEO needs to validate it first”
- “Trust me I know this won’t work”
- “If it’s not broken why fix it?”
- “There’s no budget for this risky stuff”
- “Let me check with the team and see what they think”
Make sure that you post your substantive initial posting no later than Saturday this week, and be sure to use outside support for your posting. This should be from reliable sources (other than the text book), and you need to reference the sources using proper APA Version 7 formatting……..
SOLUTION
The brainstorming exercise from week two aids in identifying the different kinds of biases, raising awareness of them, and keeping them in mind when making judgments. This relates to the decision-making exercise from week one since it helps us realize the wide range of variables that might affect how we make decisions, including our age, sex, personality, and other characteristics (Decision Making BMGT 317–6382).
- “That’s the way we’ve always done it.”
This assertion was reexamined after further thought, and the comfort zone bias still makes sense.
Individuals frequently base their decisions on their knowledge rather than the truth, as per the course materials. An individual’s decision-making process is influenced by two factors: risk tolerance and risk aversion. This situation reveals the individual who is risk-averse since they will always choose what is safe. Decisions are also made in light of numerous other considerations, including personality traits like age, culture, and habits. Let’s consider how individuals filter information. Let’s pose this question: Will they base their decision on what they know, or will they consider both possibilities? Rather than risking choosing a different route, people are more likely to select the well-traveled way.
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