Obtain from your library a copy of the following article: D. Kahneman, D. Lovallo, and O. Sibony, "Before You Make That Big Decision...," Harvard Business Review, June 2011, pp. 51-60. "Even highly experienced, superbly competent, and well-intentioned managers are fallible..." (p. 60). This article discusses a variety of cognitive biases associated with the decision-making process. Such biases can diminish the quality of decisions. The authors maintain that understanding these biases may decrease their effect and offer a check-list designed to facilitate decision quality control.
Requirements
1. What is meant by the term "cognitive bias"?
2. What is the specific decision-making context addressed by the authors of this article?
3. What are the three major categories of the decision quality-control check-list recommended by the authors?
4. What are the specific cognitive biases discussed by the authors of this article?