Lessons from Everest

Question 1

What is cognitive bias?

Answer 1

Systematic biases that impairs the judgments and choices of individuals

Question 2

Which are three cognitive biases?

Answer 2

1. Sunk cost effect
2. Overconfidence bias
3. Recency bias

Question 3

What is the sunk cost effect?

Answer 3

the tendency for people to escalate commitment to a course of action in which they have made substantial prior investments of time, money or other resources

Question 4

What is the recency effect?

Answer 4

When placing too much emphasis on the information and evidence that is most readily available to them. One form of this availability bias concerns the tendency to pay too much attention to recent events

Question 5

What is tight coupling and its four characteristics?

Answer 5

means one breakdown triggers a series of other problems

1. time-dependent process
2. rigid sequence of activities
3. one dominant path to acheiving the goal
4. little slack