Session 10

Question 1

What is confirmation bias

Answer 1

Tendency to seek information that confirms, while ignoring information that disconfirms

Question 2

What is Availability Heuristics

Answer 2

Tendency to favour information that can be accessed quickly and easily

Question 3

what is Information Overload

Answer 3

The reception of more information can be more than necessary to make effective decisions

Question 4

what is Anchoring

Answer 4

Inadequate adjustment of subsequent estimates from an initial estimate that serves as an anchor

Question 5

What is Framing Effects

Answer 5

Aspects of the presentation of information about a problem that are assumed by decision makers

Question 6

what is Representativeness Heuristic

Answer 6

People make judgments about probability of outcome by comparison to an existing mental prototype

Question 7

what is Escalation of Commitment

Answer 7

Tendency to invest additional resources in an apparently failing course of action

Question 8

what is Hindsight Bias

Answer 8

Tendency to review the decision-making process to find out what was done right (in the case of success) or wrong (in the case of failure)