Bias beliefs and psychology . People foolishly look and comment on holders and non holders and they should look at the data provided and not take the short cut. See below.
You look at the discussions here and in the last couple of days and the facts are missing and there has been absolutely no reference to the conference call. Why is that. Everyone craved for information and when it didn't fit .... no discussion.
It is always easier to blame or point the finger at others than to do your own research.
Why did the legal case all of a sudden become announceable? Why wasn't it announced previously?
Listening to loud voices on forums , assuming their content is correct / incorrect and being a sheep and being influenced by thumbs up etc. They are all tools used consciously or unconsciously by posters who may be genuine or manipulative and all levels inbetween with frustrations add by time and money pressures..
Human nature - motivation - so do you watch, participate or control the situation or take advantage, trust, or be ethical and to what extremes.
Cognitive Biases as a Barrier to Decision Making
Individual cognitive biases will influence decision making.
Learning Objectives
Examine the complex individual influences central to the way in which decision making is pursued, most notably the cognitive, normative, and psychological perspectives
Key Takeaways
Key Points
Decision making is shaped by individual personality and behavioral characteristics.
Subjective biases can influence decisions by disrupting objective judgments.
Common cognitive biases include confirmation, anchoring, halo effect, and overconfidence.
Key Terms
dichotomies: Two elements, often mutually exclusive, that stand in juxtaposition to one another.
Decision making is inherently a cognitive activity, the result of thinking that may be either rational or irrational (i.e., based on assumptions not supported by evidence). Individual characteristics including personality and experience influence how people make decisions. As such, an individual’s predispositions can either be an obstacle or an enabler to the decision-making process.
From the psychological perspective, decisions are often weighed against a set of needs and augmented by individual preferences. Abraham Maslow’s work on the needs-based hierarchy is one of the best known and most influential theories on the topic of motivation—according to his theory, an individual’s most basic needs (e.g., physiological needs such as food and water; a sense of safety) must be met before an individual will strongly desire or be motivated by higher-level needs (e.g., love; self-actualization.
The Myers-Briggs Type Indicator (MBTI) is a widely used diagnostic for identifying personality characteristics. By categorizing individuals in terms of four dichotomies—thinking and feeling, extroversion and introversion, judging and perception, and sensing and intuition—the MBTI provides a map of the individual’s orientation toward decision making.
Types of Cognitive Bias
Biases in how we think can be major obstacles in any decision-making process. Biases distort and disrupt objective contemplation of an issue by introducing influences into the decision-making process that are separate from the decision itself. We are usually unaware of the biases that can affect our judgment. The most common cognitive biases are confirmation, anchoring, halo effect, and overconfidence.
1. Confirmation bias: This bias occurs when decision makers seek out evidence that confirms their previously held beliefs, while discounting or diminishing the impact of evidence in support of differing conclusions.
2. Anchoring: This is the overreliance on an initial single piece of information or experience to make subsequent judgments. Once an anchor is set, other judgments are made by adjusting away from that anchor, which can limit one’s ability to accurately interpret new, potentially relevant information.
3. Halo effect: This is an observer’s overall impression of a person, company, brand, or product, and it influences the observer’s feelings and thoughts about that entity’s overall character or properties. It is the perception, for example, that if someone does well in a certain area, then they will automatically perform well at something else regardless of whether those tasks are related.
4. Overconfidence bias: This bias occurs when a person overestimates the reliability of their judgments. This can include the certainty one feels in her own ability, performance, level of control, or chance of success.
Time Pressure as a Barrier to Decision Making
Time pressure forces decision makers to shift from logical processes (ideal) to intuitive processes (sub-ideal).
Learning Objectives
Explain the way in which time pressure can influence decision making
Key Takeaways
Key Points
Time pressure can distort decision -making processes and individual judgment and make them less objective and more influenced by intuition.
Heuristics, or mental shortcuts, can deliver workable decisions under time pressure and in the absence of logical decision-making processes.
Decision makers who feel as though they have ample time tend to arrive at more logically crafted, higher quality decisions than those who felt as though they had insufficient amounts of time, even if confronted by similar time pressure in real terms.
While generally considered a barrier to decision making, time pressures may also have the opposite effect in terms of creating organizational motivation to render decisions and move on. In this way time pressure, real or perceived, may act as a deadline and encourage organizational dexterity.
Key Terms
heuristic: A “shortcut” method of problem solving that makes assumptions based on past experiences. Examples include going by “rule of thumb,” when you apply your experience of something having happened a certain way enough times that it’s likely to continue happening that way. It is not guaranteed to be accurate every single time, but it cuts out processing time by avoiding detailed analysis of every particular situation.
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