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There are four types of number scales: NOIR The nominal scale of measurement only satisfies the identity property of measurement. Values assigned to variables represent a descriptive category, but they have no inherent numerical value with res...
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Satisficing is a decision-making strategy that aims for a satisfactory or adequate result rather than the optimal result, because aiming for the optimal solution may necessitate needless expenditure of time, energy and resources. 1 A combinatio...
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The nutshell briefing rule is a quick and easy approach to decision making that can sometimes save time and effort in arriving at adequate judgments; however, reliance on such rules more often results in judgmental errors and can create grossly misl...
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Making decisions involves making tradeoffs among objectives; this is a difficult and poorly understood aspect of decision making. Decisions become difficult when they involve several competing objectives. The greater the number of objectives, th...
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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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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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Intuitive decision-making is described as the process by which information, acquired through associated learning and stored in long-term memory, is accessed unconsciously to form the basis of a judgment or decision. 1 Intuition is based on the i...
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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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Anchoring (or focalism) is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision-making, anchoring occurs when one uses an ini...
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Availability Bias is the tendency to let an example that easily comes to mind easily affect decision-making or reasoning. 1 This occurs when we overweight evidence that comes more easily to mind or is more prevalent in our memories. The study o...