Updated Articles

  1. Rules of thumb

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Counterproductive strategies
    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...

  2. Intuition

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Counterproductive strategies
    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...

  3. Representativeness Heuristic

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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...

  4. Anchoring

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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...

  5. Availability Bias

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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...

  6. Endowment effect

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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...

  7. Sunk costs

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    A Sunk Cost is a cost that is incurred and can not be meaningfully recovered by any practical means. 1   For example, a business may have invested a million dollars in new hardware.  This money is now gone and cannot be recovered, so it shouldn’t ...

  8. Loss aversion

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    Loss aversion refers to the tendency to prefer avoiding a loss rather than acquiring an equivalent gain.  This leads to risk aversion , which is when people prefer avoiding losses to making gains when they evaluate an outcome comprising similar ...

  9. Groupthink

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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...

  10. Politics of Organizational Decision Making

    Last Updated: 09/14/2022 in Wikis Collaborative Decision Making Limitations of effective decision making
    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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