Sunk cost fallacy bias - Study guides, Class notes & Summaries

Anchoring the tendency, in making judgments, to rely on the first piece of information encountered or information that comes most quickly to mind example of anchoring bias estimates made in the presence of an anchor are closer to the anchor. Ex: Prime someone with a large number and then tell them to estimate the cost, they will have a higher estimate than if they weren't anchored with the higher number. Confirmation Bias tendency to search for information that reinforces your ...

What is empirical evidence? Evidence arising from systematic testing or experimentation What is the best form of evidence/info. and the worst form of evidence/info.? Best: review or synthesis of multiple experiments and randomized controlled experiments Worst: personal experience and anecdotes Provide an example of when empirical evidence helped a company save money 7/11 wanted to improve service...they randomly assigned 15 stores to a courtesy control group where the clerks no...

Anchoring bias correct answer: Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. correct answer: a clustering illusion Which of the following is an example of secondary data? correct answer: Firm's proprietary data In an agile approach of analytics what is the first step of the process? correct answer: perform business discovery Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and...

Confirmation Bias correct answers a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias correct answers Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases correct answers - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pessimism...

Most people think_____ will motivate them more than it actually does pay Making work _______ challenging may motivate better than making a job easier more Employers _______ the power of acknowledgment and thanks underestimate Common sense is necessary - but not sufficient for predicting human behavior in organizations• Success: task skills + management skills Behavior is predictable What is empirical evidence? in modern science - evidence arisin...

WGU D265 critical thinking reason and evidence – course requirement solution Confirmation Bias - a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biase - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fa...

self-fulfilling prophecy expectancies influence others' actions → A belief that becomes true because you already act like its' true availability heuristic making a decision based on the answer that most easily comes to mind confirmation bias a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence halo effect Things (and ppl) that are "good" in one area tend to be seen as "good" in other areas fu...

Critical Thinking D265 WGU Confirmation Bias - ANS a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias - ANS Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases - ANS - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pess...

The set of distinctive features of a society or group, including but not limited to values, beliefs, and norms, that ties together members of that society or group and that drives action and behavior. - ANSWER-Culture What is a seminal event? - ANSWER-A historical moment that marks a significant turning point for a given society and carries the seeds for future developments for that group. Define and describe PMESII-PT. - ANSWER-Political Military Economic Social Information Infrast...

Confirmation Bias a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence How to Identify Sources of bias Incomplete information intentional deception influence from past personal experience intentional persuasion to strengthen a position common types of cognitive biases - Bandwagon - Anchoring - The Dunning-Kruger Effect - The Sunk Cost Fallacy Bias - Optimism and Pessimism Bias - The Framing Effect Bias - Confirmation Bias - React...