Budgeting: Bias Flashcards
1
Q
What are the 7 types of bias ?
A
Selection.
Self-selection.
Observer.
Omitted variable.
Cognitive.
Confirmation.
Survivorship.
2
Q
Define Selection bias.
A
Sample selection does not represent the population.
3
Q
Define Self-selection bias.
A
When individuals select themselves.
4
Q
Define Observer bias.
A
The researcher allows their assumptions to influence the observation.
5
Q
Define Omitted variable bias.
A
Key data is not included in the analysis.
6
Q
Define Cognitive bias ?
A
The presentation of data may be misleading.
7
Q
Define Confirmation bias ?
A
People see data that confirms their beliefs and ignore other items.
8
Q
Define Survivorship bias ?
A
The sample contains only items that survived a previous event.
