Identify several common decision-making biases

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People make a variety of mistakes when making decisions. These mistakes are generally associated with a host of biases that occur when we use judgmental heuristics which are rules of thumb shortcuts people use to reduce information processing demands. We often use them automatically without conscious awareness. Use of heuristics helps decision makers to reduce the uncertainty inherent in the decision-making process. Because these shortcuts are representative of knowledge we gained in the past, they are useful in evaluating current problems but can also lead to systematic errors that erode the quality of decisions. In this activity, you are asked to identify several common decision-making biases

Reference no: EM132342102

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