Reference no: EM133183576
1. Identify a decision you have made that had an impact on one person or multiple people. It may be something you experienced as a leader of a team or group, or it may be something from your family or personal life. Write a response that answers the three questions below.
? What was the decision?
? How did you make the decision?
? What is your evaluation of the decision?
2. Bias in decision-making happens without thought in most decisions. Describe a recent decision (personal or business) which you thought through and overcame your biases or were aware of your biases and made a good decision. Explain why it was a good decision and what the results were of that decision.
3. Recall a time when you experienced winner's curse. Perhaps you purchased something for what you thought was a great price but quickly (or later) realized was not. Perhaps the quality was lower than you thought it was.
What were your feelings at the time of the purchase when it seemed like such a good deal? Compare your initial feelings to what you felt later when realizing that it was not what you thought.
4. In Chapter 6, you were introduced to the footbridge dilemma, where it prompted you to make a choice of pushing one person in front of a trolley to stop the trolley in order to save the five people farther up the line on the track. What would you do in this situation? What would your motivations be? How would your emotions affect your decision?
5. Give an example of supply and demand market price changes that you or a family member have experienced or that you have learned about through the news media during or after a hurricane, typhoon, tsunami, fire, flood, mudslide, earthquake, or other natural disaster. If prices went up, did you think it was fair? Did you think it was ethical? Explain why you feel that way. How did this affect you? If you did not personally experience the disaster, put yourself in the shoes of someone who did, and answer the questions hypothetically.
6. If you were investing in the stock market today, how would your decisions be affected based on what you learned in this lesson? If you already invest in the stock market, will you start doing anything differently?
7. In this unit, we learned about the six issues or cognitive mistakes that affect negotiations. Reflect on these mistakes, and describe a time in your life that you have seen one or more of these mistakes play out (whether you were directly involved or not). How could the situation have been improved?
8. Identify a decision-making task that you would need to perform in your current career or future career, and explain how you would apply some of the knowledge you have learned in this course to succeed at performing the task in a real-world scenario.