Tell the story of a time that cognitive bias was an important factor in your decision making and explain how that cognitive bias impacted the decision you made. Explain what you will do to overcome that cognitive bias in the future.
Tell the story of a time that cognitive bias was an important factor in your decision making and explain how that cognitive bias impacted the decision you made. Explain what you will do to overcome that cognitive bias in the future.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Tell the story of a time that cognitive bias was an important factor in your decision making and explain how that cognitive bias impacted the decision you made.
Explain what you will do to overcome that cognitive bias in the future.
Expert Solution
Step 1: Introduction
Cognitive biases are ingrained characteristics of human reasoning that can have a major negative impact on the caliber of our choices. These thought patterns and mental shortcuts might mislead us and cause us to make decisions that are not as rational or objective as we intended. In this talk, we'll look at some general techniques that people may use to identify and lessen cognitive biases, empowering them to make better informed and logical choices in a range of situations.
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