Discuss three cognitive biases

Reference no: EM133617170

Assignment:

Make these as a body paragraphs " Identification and discussion of three cognitive biases that contributed to the downfall of the British East India Company.

This section of your paper should center around the cognitive biases and decision-making heuristics that contributed to the Fall of the British EIC. Specifically:

Choose at least three cognitive biases that may have influenced the British East India Company's decision-making, and that led to its ultimate decline
For each chosen bias, explain what it is and how it manifests in the decision-making of the relevant key players at the time
Tip: Give and analyze concrete examples of how each of your chosen biases may have affected the EIC's decisions at the time of its downfall. Provide at least one example per chosen bias.
Tip: Discuss the potential consequences of your chosen cognitive biases on the company's actions and strategies at the time.
Tip: Be sure to examine how cognitive biases and decision-making heuristics might have interacted within the EIC's leadership and decision-making processes. Some points to consider:
Did these biases and heuristics reinforce each other or create conflicts?
Who, specifically, held these biases? Were they biases held by individuals, or can they be described as group biases?
Did other individuals or groups outside the EIC (e.g. government leadership, competitors) also exhibit biases? And if so, how did this influence the outcome? Explain the implications of such interactions.

Three potential alternatives/solutions to your three chosen biases (one per bias).

In this section, discuss three potential solutions to your three chosen biases (one per bias) which could have influenced the outcome.

Would a greater awareness of these cognitive biases and heuristics could have potentially led to different decisions or outcomes for the East India Company?
What alternatives might the company have considered if these biases were mitigated or addressed?
If you could go back in time and be a key-decision maker within the organization, what would you have done differently?"

Reference no: EM133617170

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