Reference no: EM132551930

Jim Forrest is CEO of BigChip Inc., a medium-sized company that manufactures specialty microchips used in a variety of computers to facilitate efficient graphics processing. Jim recognizes the need to diversify his manufacturing operations and is considering starting up a new division, which would design, develop and produce security chips. These would be used in situations ranging from data transmission to securing financial transactions. Other companies are also considering involvement since the security market is potentially a large one. Jim knows that the rapid advancements in the field of computer hardware and software necessitates an innovative and aggressive approach to the development of any new technology. Jim has been in a similar position with another company 5 years ago and lost a great opportunity because his team was not aggressive enough with timelines, even though they had developed a great product.

Identify and describe three (3) biases that could impact Jim's decision-making process this time around? What would be your recommendations to help improve Jim's decision-making process?