PART 3:Chapter 6 - Introduction to Managerial Decision Making
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Across
They often make the mistake of diagnosing the problem in terms of its symptoms
The benchmark that Influences all kinds of purchases
They are known to use the representativeness heuristic
These occur because of the self-serving emotions of individuals
The notion that ethics are limited in ways which we are unaware
The assumption that something is good or bad on the basis of other people's previous behavior
Intuitive use of selective data when testing hypothesis
In a given situation,this often depends on the behavior of others
The Integrating concept of the field of behavioral decision research
Statistical measure of how much the movement of two variables is related
Decision making process that is logically expected to lead to the optimal result
A situation in which Irrelevant initial hypothesis holds undue sway over our judgments
Standard rules that implicitly direct our judgment
Down
Cognitive aspects of the decision making process
Limits the quantity and quality of information available
The believe that something is bad or good on the basis of our own previous behavior
Hailed as the key to maximising personal utility
These strategy based on instances of frequent events can be a very useful managerial decision making strategy
The domain that has been most influenced by decision research
A bias in which we too quickly dismiss in retrospect the possibility that things could have turned out differently
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