ch 8 final

Question 1

decision-making styles

Answer 1

rational and intuitive

Question 2

rational decision making

Answer 2

objective criteria / define the problem

Question 3

intuitive decision making

Answer 3

based on experience, feelings and accumulated judgement
gut feeling over cognitive problem solving

Question 4

decision making process

Answer 4

identify problem
identify decision criteria
allocate weights to criteria
develop alternatives
analyze alternatives
select an alternative
implement an alternative
evaluate effectiveness

Question 5

biases that lead to errors in decision making

Answer 5

overconfidence
immediate gratification
anchoring effect
selective perception
confirmation
framing
availability
representation
randomness
sunk costs
self serving
hindsight
overconfidence