Ch6 Questions HRPO.docx - Ch6 Questions 1 What are the...

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Ch6 Questions 1. What are the three biased based decision heuristics? Among the biased based decision heuristics or mental and cognitive shortcuts leading in subjective judgmental errors, we can list three of them: the Anchoring and Adjustment Heuristic (which is a false judgmental estimation in the quantitative and qualitative value of something influenced by an initial anchor point or first impression and an unsatisfactory adjustment attempt), the Availability Heuristic (which is an assumption or misapprehension in the probabilities of events occurrence or frequency based on how the easiest or most convenient event is retrieved instead of others that are ignored), and finally the Representativeness Heuristic (which is a stereotype or misconceptual representation of something because of its similarities with prior experiences while ignoring the more precise facts and
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