BMO | Learn flashcards online | CoboCards

CoboCards App FAQ & Wishes Feedback

Language: English

Language

Sign up for free Login

All main topics / Business Economics / Behavior, Managment and Organisation

BMO (565 Cards)

Say thanks

You are part of a group making a decision about whether it is appropriate to discontinue research on a new drug. This
new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a
reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.

What must you try to avoid when integrating this new information?

A) anchoring bias
B) overconfidence bias
C) confirmation bias
D) availability bias
E) representative bias

c)

confirmation bias= tendancy to seek out information that reaffirms past choices an to discount information that contradicts past judgements

Tags: Common bias and errors n decision making- confirmation bias
Source: p.185

Flashcard set info:

Author: Elisa

Main topic: Business Economics

Topic: Behavior, Managment and Organisation

School / Univ.: Hanze Hogeschool

City: Groningen

Published: 14.02.2010

Tags: Exam Year 1

Card tags:

All cards (565)

A review of the managers job (1)

Anthropology (2)

Changing U.S. demographies (4)

Common Bias and Errors in Decision Making- Escalation of Commitement (1)

Common bias and errors n decision making- confirmation bias (1)

Complementing intuition with systematic study (2)

Coping with temporariness (2)

Creating a positive work envirnoment (1)

Decision Making in organizations- Intuition (1)

Defining and classifying groups (4)

Defining Motivation (3)

Definition of model (1)

Definition of OB (4)

Effective versus successful managerial activities (2)

Embracing diversity (1)

Equity theory (3)

Evaluating Group Effectiveness (1)

Exhibit 11-1 (1)

Exhibit 11-9 (1)

Exhibit 9-3 (1)

Exhibit Allocation of activities by time (3)

Exhibit Dimensions of intellectual abilities (1)

Exhibit Minzbergs managerial roles (1)

Exhibit Minzbergs mangerial roles (1)

Exhibit Toward an OB discipline (3)

Exhibit Why do people join groups (1)

Expectancy theory (3)

first sentence (1)

GMA (1)

Group properties 2 & 3 (1)

Group property 1 (1)

Group property 4 (3)

Hawthorne studies (1)

Helping employees balance work-life conflicts (1)

Hier. o. N. Theory- 3. Social (1)

Hierachy o. Needs Th. - 5. Self actualization (1)

Hierachy of Needs Th. (4)

Hierachy of Needs Theory (2)

Implications (1)

Improving customer service (3)

Improving ethical behavior (1)

Improving quality and productivity (2)

Individual-level variables (1)

Intellectual abilities (1)

Interpersonal roles (1)

letzter Absatz (1)

letzter Satz (1)

Management functions (6)

Management roles (1)

Management skills (5)

Managing people during the war of terror (2)

Managing workforce diversity (2)

Mangement functions (1)

McCellands theory of needs (1)

OCB (1)

Productivity (6)

Reinforcement theory (1)

Role expectations (1)

Shortcuts in judging others- contrast effect (2)

Shortcuts in Judging others- stereotyping (1)

Size (1)

Social-Psychology (2)

Status and group interaction (1)

Status and norms (1)

Summary and Implications for managers- Perception (1)

Systematic study (1)

The dependent variables (2)

The five-stage model (7)

The importance of interpersonal skills (1)

Theories of X and Y (1)

Theory X and Y (1)

There are few absolutes in OB (3)

Three compnent Model of creativity (1)

Three Component Model of Creativity (1)

Three component Model of Creativity- Expertise (1)

Three ethical Decision criteria (1)

Three etical decision criteria (1)

Two factor theory (1)

under Exhibit (3)

Working in networked organizations (2)

Deutsch English