Making choices to maximize payoff and minimize regret

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Reference no: EM132292394

1) Describe the following perspectives on how managers make decisions: Bounded Rationality, Satisfice, Intuition. What do these perspectives tell you about the decision making process?

2) Describe the 3 psychological orientations of decision makers under conditions of uncertainty as they relate to making choices to maximize payoff and minimize regret. Which one describes you the best and why?

3) Describe three of your decision making biases and describe how you can improve on each of them to avoid decision making errors.

Decision Making Bias = Overconfidence, Hindsight, Self-Serving, Sunk Costs, Randomness, Representation, Availability, Framing, Confirmation, Selective Perception, Anchoring Effect, Immediate Gratification.

Reference no: EM132292394

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