Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Operation Management Expert

According to our text, cognition refers to the mental processes involved in thinking, including attending to information, processing information, ordering information to create meaning that is the basis for acting, learning, and other human activities. Studies consistently document more than a dozen common biases, or systematic errors of perception and judgment, that, used inappropriately, diminish the quality of thinking by limiting the amount and richness of information processing. Cognitive bias has been defined as a way of thinking that influences reasoning and decision making, sometimes resulting in inaccurate judgments. The four main categories of cognitive bias presented in the text include: Anchoring: Decision makers bring prior beliefs, or orientations, to the analysis process and focus on selected interests and outcomes—often ignoring conflicting or subsequent information. During decision making, anchoring occurs when individuals use an initial piece of information (i.e. anchor) to make decisions, even if the anchor is irrelevant or subsequent information conflicts. Availability bias: Decision makers reduce problems to simpler constructs, seek fewer alternatives, and rely on intuition over rational analysis. Paying more attention to data that are easily available (e.g., most recent and therefore most memorable) while neglecting less readily available data. Insensitivity to outcome probabilities: Decision makers rely on subjective/descriptive information and ignore rational probabilities of outcomes. They tend to see problems as unique, thereby not relevant to the outcomes of past experiences. Overconfidence: Decision makers tend to be overly optimistic—overestimating their level of control—believing they can manage and correct the consequences of their decisions along the way. For this exercise, I. Answer the following questions in your own words for EACH of the four categories listed above: Describe one decision-making scenario that illustrates how this bias might be exhibited in the field of health care (i.e. direct patient care, health care management, etc.). Explain why this is a problem. List steps that a person might take to prevent or mitigate this bias from occurring. II. Research and summarize in your words another type of cognitive bias (or bias in decision-making) not presented in the text. Make sure to include an APA formatted reference list to document your source.

Operation Management, Management Studies

  • Category:- Operation Management
  • Reference No.:- M91988906

Have any Question?


Related Questions in Operation Management

Assignmentthe steadily disappearing american car ferris

Assignment The Steadily Disappearing American Car (Ferris, 2018) Background Sedans, coupes, and hatchbacks once dominated American auto industry sales Consumer preferences for light trucks and sport utility vehicles (SUV ...

A co-worker has requested that you review her data analysis

A co-worker has requested that you review her data analysis and resulting report. This person is new to the staff and the performance improvement field but has significant experience as subject matter expert for content ...

Task ldquothe best marketing strategies arenrsquot top down

Task: “The best marketing strategies aren’t top down, they’re outside in, starting with the customers’ needs and wants.” Critically analyse this statement using Amazon as your case study organisation. You should aim to s ...

1 it is hard for a manager to pay attention when someone is

1) It is hard for a manager to pay attention when someone is speaking because a) a manager attends many meetings. b) a manager should delegate tasks to others. c) a manager works independently. d) a manager has constant ...

A bicycle manufacturer purchases bicycle seats from an

A bicycle manufacturer purchases bicycle seats from an outside supplier for $20 each. The manufacturer’s inventory of seats turns over 1.2 times per month, and the manufacturer has an annual inventory holding cost of 32% ...

Research analysis for businesspurpose of assignmentthe

Research Analysis for Business Purpose of Assignment The purpose of this assignment is the creation of a research analysis. Every day, consumers make millions of decisions that impact the marketplace and influence firms' ...

Assignmentwhat are teams and how do they differ from groups

Assignment What are teams and how do they differ from groups? How have your own experiences in work teams compared to those described in this chapter? Based on what you read, what could be done to make your own team expe ...

A pure dose of the hallucinogenic drug lsd is so small that

A pure dose of the hallucinogenic drug LSD is so small that it msut be sold to retail customers in a "carrier" created by dissolving pure LSD and spraying the resulting solution on paper. That paper is then cut into "one ...

Answer the following questions about supply chain

Answer the following questions about supply chain management. a) What is supply chain management? b) Why has supply chain management become such an important topic? c) Are businesses actually measuring and using supply c ...

1 describe the evolution of business-to-business b2b

1. Describe the evolution of business-to-business (B2B) e-commerce. 2. How does one determine whether a trial has been speedy? 3. Should the United States move to greater and stricter regulation of multinational business ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As