20 May Business Management
Retrieve the interview with Kahneman, in the March 2012 Gallup Management Journal titled The Truth About How We Think; We’re all prey to cognitive mistakes, says Nobel Laureate Daniel Kahneman. But knowing that can help you avoid them from the Internet. You may need to use a search engine, or search the online library.
No matter how rational we think we are; biases, heuristics, and other fallacies can keep us from making sound decisions. Kahneman has conducted numerous studies of how people actually make decisions, a field known as behavioral economics.
INSTRUCTIONS
How can we better avoid the fallacies in thinking that Kahneman described? Describe how you have fallen prey to one of his fallacies in thinking. You’ll want your example to be complex enough to warrant using a decision tree to make a better choice. Construct a decision tree in reference to a past personal or business decision in which you fell prey to fallacious thinking. After presenting your decision tree (showing what you should have known/done), discuss how this tool might help you prevent such a mistake in the future. You may either paste your decision tree in your document or attach as a separate document. Identify why and how a decision tree might aid you in making better decisions in relation to Kahneman’s concerns.
· Restrict your response to decision-making step of the decision process, some call this step judgment and others assessment. Do not consider tools that apply to other parts of the decision process.
· The Course Materials folder contains a sub-folder with many examples, some of them are for the decision making stage. The response should be your personal view; however, research and input from other sources may enhance your work. You would need to cite your sources; including the interview mentioned above.
· Notice that this assignment has a reduced allocation of points, implying limited depth and shorter response
· The length should be between 350 and 450 words, excluding the title page and references.
· Formal writing is required using APA, but you need not restrict yourself to the third-person.
· Copied input, quotations, and paraphrasing will require citations and references conforming to APA 6th edition standards.
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