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Created On: 11/05/2020
in Tips and Tricks Comparion has a flexible way of defining the wording to be used on your model. The Model Wording is initially defined for new models from: Default Options Set s - use the wording as specified on the default option sets Judgments Options wo...
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Organizational politics, also known as workplace politics or office politics, can be good or bad. Some definitions include: The use of power and social networking within an organization to achieve changes that benefit the organization or indiv...
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Groupthink is a common pitfall in group decision-making and problem-solving. People feel reluctant to present alternatives, challenge others’ opinions, or express their own opinions. Conditions are ripe for Groupthink when one or more of these f...
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The Endowment Effect , an emotional bias, is the hypothesis that people will value something they already own more than a similar item they don’t own. This happens even when there is no cause for attachment or even if the item was only obtained li...
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Representativeness is the tendency to over/underestimate based on generalizations or imprecise deductive reasoning, or where certain important pieces of information are overlooked. The Representativeness heuristic is commonly used when making judg...
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A rule of thumb is a principle with broad application that is not intended to be strictly accurate or reliable for every situation. 1 It is based not on theory but on practical experience. FW Taylor, who is often called "The Father of Scientif...
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Heuristics are decision-making techniques that simplify the process of coming to a reasonable decision when the "perfect" decision is unreachable or unknowable. Heuristics may be understood as mental shortcuts that enable individuals to make quic...
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Management by Objectives (MBO) as a concept first appeared in a 1954 book The Practice of Management . The author, Peter Drucker, has since become known as one of the world’s most influential business experts. Management by Objectives is ...
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All non-trivial decisions have multiple objectives, and sometimes sub-objectives. The resulting complexity opens the door to the limitations of effective decision making and the use of counter productive strategies . Structuring objectives into...
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Quantitative data is highly valued. But there are several potential problems using raw quantitative data: It may not represent what you think it does; for example, data about the past does not necessarily reflect what will happen in the future....