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Sunday, February 7, 2016

Behavioral heuristics, such as availability, anchoring, vividness, storage, conjunction fallacy

 February 07, 2016     No comments   

Behavioral heuristics, such as availability, anchoring, vividness, storage, conjunction fallacy, and representatives, all reflect behavioral traits, which if left unchecked may lead to systematic bias in the choices you make. For example, anchoring and availability can lead to disastrous decisions.

You may know how to recognize these heuristics, but consider how they may have influenced you in the past.

Find at least one example from your own career where you, or another manager, allowed one of these or another pitfall, to sway you from the mean.

Respond to the following:

Why did you/they ignore the base rates?

What other statistically relevant factors did you/they fail to incorporate?

How could you have altered the framing of the situation to make a better decision?

Write your initial response in approximately 300 words. Apply APA standards to citation of sources.
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