Extra Credit March 1st

Extra Credit March 1st - MGT 3200 NOTES FROM THE DECISION...

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MGT 3200 NOTES FROM THE DECISION MAKING BIASES EXTRA-CREDIT EXERCISE 1. The availability bias in management. a) Basing annual performance appraisals on the most recent (i.e., last three months) performance and the most easily recalled performance of the subordinate (i.e., negative performance). b) Gauging employee morale by relying on the views of 1 or 2 close subordinates. 2. Logical base-rate reasoning is often overwhelmed by qualitative judgments made from available descriptive information. When people make judgments, the often ignore relevant base-rate data (statistical data) and make their judgments using qualitative, descriptive data (i.e., vivid case data or personal experience data). 3. The gambler’s fallacy: after ten bad hands of poker, the poker player believes that he/she is due for a good hand. It is the mistaken belief that an event that has not occurred for some time is likely to occur in the near future. Chance is commonly viewed as a self-correcting process in which a deviation
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This note was uploaded on 05/09/2011 for the course MGT 3200 taught by Professor Sauley during the Spring '06 term at LSU.

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Extra Credit March 1st - MGT 3200 NOTES FROM THE DECISION...

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