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Discussing biases in decision-making

Biases in Decision-Making Corresponding reading: Chapter 1, Page 3 Purpose: Discussing biases in decision-making and how they influence our decisions.

Discussing biases in decision-making
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Discussing biases in decision-making and how they influence our decisions

Biases in Decision-Making
Corresponding reading: Chapter 1, Page 3
Purpose: Discussing biases in decision-making and how they influence our decisions.

a) Consider at least three important decisions you have made in the past (e.g., choosing your major).

b) For each of these decisions, list at least three potential biases that may have influenced your decision. Explain
in what way those biases might have influenced your decision.

c) If you could go back in time, would you make the same decision? Why?
d) How would you make similar decisions in the future to avoid such biases?
Note: Understanding the case and what you need to do is PART OF THE CASE.

If you do not understand a specific part, or are not sure what you should do, you need to review the corresponding reading section in the text before asking for help.

You might also need to do some search on the internet. That is all part of the case and your learning process.

More Details:

As much as we like to think we’re open-minded and impartial, a ton of different biases are continually influencing us – affecting our thinking, behaviors and decisions.

While some are openly apparent, many biases are unconscious; you may have no idea you’re under the influence of a bias that’s distorting your way of thinking.

To protect workplace diversity, create inclusive cultures where everyone is represented, collaborate effectively and simply just make the best choice in any given situation, we need to be in control of them.

Here are eight common biases affecting your decision making and what you can do to master them.

Survivorship bias

Paying too much attention to successes, while glossing over failures.

Survivorship bias can lead us to become overly optimistic, because we only look at

those who prospered. It means we simplify success, assuming that if we emulate the

same actions we’ll achieve the same victory.

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