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 Shirish Joshi
                                                                   

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Common decision-Making
errors and Biases
Ov
erc
onf
ide
nce
Im
me
diat
e
Gra
tifi
cati
on
An
cho
rin
g
Eff
ect
Sel
ecti
ve
Per
cep
tio
n
Co
nfir
mat
ion
fra
mi
ng
Av
aila
bili
ty
rep
res
ent
atio
n
Ra
ndo
mn
ess
Su
nk
cos
ts
Sel
f-
ser
vin
g
Hin
dsi
ght
De
cisi
on-
Ma
kin
g
Err
ors
&
Bia
ses
Characteristics of an Effective
Decision-Making
I
t
foc
us
es
on
wh
at
is
im
po
rta
nt
I
t is
log
ica
l
an
d
co
nsi
ste
nt.
I
t
ac
kn
ow
led
ge
s
bot
h
su
bje
cti
ve
an
d
obj
ect
ive
thi
nki
ng
an
d
ble
nd
s
an
aly
tic
al
wit
h
int
uit
ive
thi
nki
ng.
I
t
req
uir
es
onl
y
as
mu
ch
inf
or
ma
tio
n
an
d
an
aly
sis
as
is
ne
ces
sar
y
to
res
olv
ea
par
tic
ula
r
dil
em
ma
.
I
t
en
co
ura
ge
s
an
d
gui
de
s
the
gat
her
ing
of
rel
ev
ant
inf
or
ma
tio
n
an
d
inf
or
me
d
opi
nio
n.
I
t is
str
aig
htf
or
wa
rd,
rel
iab
le,
eas
y
to
us
e,
an
d
fle
xib
le.
A
Ge
ner
al-
De
cisi
on
Ma
kin
g
Mo
del
A
G
e
n
er
al
D
ec
is
io
n-
M
a
ki
n
g
m
o
d
el

I
m
pr
ov
in
g
th
e
Fl
o
w
of
K
no
wl
ed
ge
–
Th
e
flo
w
of
co
nst
ruc
tiv
e
tac
it
kn
ow
led
ge
bet
we
en
co
wo
rke
rs
is
a
pri
ori
ty.
–
Kn
ow
ing
wh
at
yo
u
kn
ow
,
wh
at
yo
u
do
n’t
kn
ow
,
an
d
ho
w
to
fin
d
wh
at
yo
u
kn
ow
yie
lds
bet
ter
an
d
mo
re
ti
me
ly
de
cis
ion
s.

K
no
wl
ed
ge
M
an
ag
e
m
en
t
(K
M
):
A
To
ol
fo
r
Im
pr
ov
in
g
th
e
Q
ua
lit
y
of
D
ec
isi
on
s
–
De
vel
opi
ng
a
sys
te
m
to
im
pr
ov
e
the
cre
ati
on
an
d
sh
ari
ng
of
kn
ow
led
ge
cri
tic
al
for
de
cis
ion
ma
kin
g.
–
Ta
cit
kn
ow
led
ge:
per
so
nal
,
int
uit
ive
,
an
d
un
do
cu
me
nte
d
pri
vat
e
inf
or
ma
tio
n.
–
Ex
pli
cit
kn
ow
led
ge:
rea
dil
y
sh
ara
ble
pu
bli
c
inf
or
ma
tio
n
in
ver
bal
,
tex
tua
l,
vis
ual
,
or
nu
me
ric
al
for
m .
(C
on
t’d
)

Sc
an
nin
g
the
sit
uat
ion
—
ide
nti
fyi
ng
a
sig
nal
tha
ta
de
cis
ion
sh
oul
d
be
ma
de.

Re
cei
pt
of
aut
ho
rit
ati
ve
co
m
mu
nic
ati
on
s
fro
m
su
per
ior
s.

Ca
ses
ref
err
ed
for
de
cis
ion
by
su
bo
rdi
nat
es.

Ca
ses
ori
gin
ati
ng
fro
m
the
ma
na
ger
.

Cl
ass
ify
the
de
cis
ion 
as
ro
uti
ne,
ap
ply
the
ap
pr
op
ria
te
de
cis
ion
rul
e;
as
no
np
ro
gra
m
me
d,
be
gin
co
mp
reh
en
siv
e
pr
obl
em
sol
vin
g.

M
oni
tor
an
d
fol
lo
w-
up 
as
ne
ces
sar
y.
R
at
io
n
al
(
L
o
gi
ca
l)
D
ec
is
io
n
M
o
d
el
St
e
ps
PPT of Decision making
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Jeni Freeda left a comment
organisation decision making
09 / 08 / 2010
 
dmagicofritz left a comment
it is nt downlodable..
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iqbaleng1989@gmail.com
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<a title="View PPT of Decision making on Scribd" href="PPT of Decision making" style="margin: 12px auto 6px auto; font-
family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height:
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05 / 05 / 2010

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