management

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Author:
Anonymous
ID:
130638
Filename:
management
Updated:
2012-01-25 21:14:39
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  1. OVERCONFIDENCE
    when decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance
  2. IMMEDIATE GRATIFICATION
    describes decision makers who want immediate rewards and avoid immediate costs
  3. ANCHORING
    EFFECT
    describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust to subsequent information
  4. SELECTIVE
    PERCEPTION
    when decision makers selectively organize and interpret events based on their biased perceptions
  5. CONFIRMATION
    decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgments.
  6. FRAMING
    when decision makers select and highlight certain aspects of a situation while excluding others, drawing attention to aspects while downplaying other aspects and distort what they see and create incorrect reference points
  7. AVAILABILITY
    when decision makers tend to remember events that are the most recent and vivid in their memory, distorts their ability to recall events in an objective manner and results in distorted judgments and probability estimates
  8. REPRESENTATION
    when decision makers asses the likelihood of an event based on how closely it resembles other events or sets up events.
  9. RANDOMNESS
    when decision makers try to create meaning out of random events, they do this because most decision makers have difficulty dealing with chance even though random events happen to everyone and there is nothing that can be done to predict them.
  10. SUNK COSTS
    when decision makers forget that current choices cant correct the past, they incorrectly fixate on past expenditure of time, money, or effort in assessing choices rather than on future consequences.
  11. SELF SERVING
    the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome of the event is actually know.
  12. HINDSIGHT
    the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome of the event is actually know.

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