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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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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 ...
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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 ...
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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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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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Overconfidence is the tendency to overestimate our ability to make good decisions. Research 1 indicates that the more experience a manager has, the more likely it is that he or she will be overconfident in making decisions. Therefore, awareness o...
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When a manager looks at the world through only one mental window, s/he fails to see other views. This may lead to the use of outdated, or even wrong, frames. Frame Blindness is setting out to solve the wrong problem (or failure to adequately sol...
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Intuition alone is not sufficient for making complex, crucial decisions. The human brain is limited, in both short-term memory capacity and discrimination ability, to about seven things - plus or minus two. Decision-making for every complex, cruci...
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Last Updated: 09/14/2022
in Wikis
Being a good leader requires more than just knowing the right way to do things. It also requires knowing how to choose the right things to do . Decision-making is arguably the most difficult, and the most essential, task a manager performs. Effect...
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Last Updated: 06/02/2022
in Release Notes
June 2, 2022 | Version 6.11.1 (243a0f6cd247) Bug Fixes Fixed issue on Collaborative Brainstorming where the added elements on the whiteboard are disappearing on evaluators' screen Fixed issue on Allocate Time Periods where the copy/paste option...