Complete the following table. Give a definition and example of each of the cognitive biases listed (be original)
Cognitive Bias
Definition and Example
anchoring bias
overconfidence bias
confirmatory bias
availability bias
groupthink bias
What will be an ideal response?
Answer: Answers will vary for examples — definitions will generally follow text definitions (below).
Cognitive Bias
Definition and Example
anchoring bias
The decision maker focuses on one piece of information, weighting it more heavily than other pieces of information.
overconfidence bias
The tendency to be more confident than your abilities and experience level would objectively warrant.
confirmatory bias
A decision maker under-weights information that is not consistent with her initial beliefs.
availability bias
The tendency to use the data that is most readily available or most easily recalled to make a decision, as opposed to considering all relevant data.
groupthink bias
A phenomenon that occurs in situations where members of a group, in an attempt to avoid conflict, reach a consensus decision without considering all of the reasonable alternatives.
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The project success criteria that functions as a quality check is:
A) Time. B) Cost. C) Performance. D) Client acceptance.
Which one of the following statements about break-even analysis for evaluating products or services is TRUE?
A) The break-even quantity will tend to increase as the variable cost per unit of production decreases. B) As sales increase beyond the break-even quantity, total before-tax profits tend to decrease. C) A restaurant's opening of downsized facilities with only drive-through service is an example of lowering fixed costs and the break-even quantity. D) Increasing the unit selling price has the effect of increasing the break-even quantity.