Week 10 Flashcards
What is cognitive bias?
Cognitive biases are errors in our thinking which influence our decision-making processes
What is confirmation bias?
The tendency to search for, interpret, focus on and remember information in a way that confirms one’s preconceptions.
What is choice-supportive bias?
the tendency to retroactively ascribe positive
attributes to an option one has selected and/or to demote the non selected
options.
In Game theory, what are the attributes of a finite game?
- Objective are well defined
- Rules are well defined
- Competitors are well defined
- There is a start, middle and end to the Game
- There is a winner, and therefore a looser
- The thinking is behind you, now its muscle
memory
In Game theory, what are the attributes of a. infinite game?
- Objective are poorly defined
- Rules are not defined
- Competitors are not defined
- There is no start, middle and end to the Game
- There is no winner, only being ahead or behind
- The thinking is a head of you! – More difficult
What is The Nash Equillibrium?
Nash Equilibrium drives the decisions in a finite game.
• A Nash Equilibrium is a set of strategies, one for each player such that no player has incentive to change his or her strategy given what the other
player is doing.
• A Nash equilibrium is a law that no one would want to break even if there is the absence of police.
What is the short-term mindset?
- Natural tendency ( I want things now !!)
- Instant delivery environment
- Political preference
- Self interest prevalent
Make decisions based on Interests (Finite Game)
What is long-term thinking?
- Requires Discipline
- Considers next generation
- Requires participation internally and externally
- Leaders (and Engineers) initiate by example
Requires Decision Making through Values and
Morals (Infinite game)
Note:
-Must be incorporated into society not just
Engineers
-Political pressure should set example for
society to follow
- This should be obvious as the same rules
dictate our life expectancy.
What is Asset Management?
Asset management is a systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively (From wikipedia)
What is the objective to Sustainable Management of Infrastructure?
To provide the desired level of service in the most cost effective manner for present and future customers.
- About figuring out the best way to use our limited resources
- Based on performance goals
- Something most agencies are already doing
- Dependent on sufficient, accurate data
- Focused on long term effects of short term solutions
- A necessity, if we are really going to do more with less
Why do we need Infrastructure?
Ageing infrastructure (biggest problem)
Preserving investments
Congestion
Economic Growth
What are the Benefits of Asset Management? (Exam)
Performance and cost effectiveness:
- Deliver policy goals and objectives
- Lower long-term costs for infrastructure preservations
- Improved performance and service to customers
- Flexibility to make decisions based on performance
Communication, accountability and credibility:
- Improved communication and collaboration within agency, across agencies, and with customers
- Improve credibility and accountability for decisions
What are the benefits of sustainable management infrastructure (SMI)?
- Improved understanding of service level options, costs and risks
- Improve decision making based on benefits and costs of alternatives
- Communicate and justify funding requirements to internal and external parties
- Demonstrate responsible stewardship of assets
What is Level of Service (LOS)?
Levels of Service(LOS) are the outputs a customer receives from a organisation.
- Describes what the organisation is tending to deliver
- Commonly associated with traffic, but LOS applies to much, much more.
- Commonly related to service attributes: quality, reliability, responsiveness, sustainability accessibility and cost.
How do we measure LOS?
S-pecific M-easurable A-chievable R-elevant T-ime bound E-valuation R-e assess
