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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...

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?

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1 The term cognitive bias refers to factors that distort reasoning in business that is that diminish the quality of decisions Such biases it is maintained result from the fact that in the real world m…View the full answer


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Cost Management A Strategic Emphasis

Cost Management A Strategic Emphasis

ISBN: 978-0078025532

6th edition

Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins

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Posted Date: October 27, 2016 01:49:42
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