Students Name Professors Name Subject Date Judgment in Managerial Decision Making 1. Ease of recall Recall bias is a type of data bias that cannot be associated after a study is done. Therefore ease of recall is the state in which an individual can memorize a complete picture of an event that took place earlier. Solution Devise high-quality questionnaires and ensure your interviews are well trained. 2. Retrievability This is a type of bias in which an individual is better at retrieving some subject from his or her memory more than other things. Individuals base judgment on commonality and more natural base strategies.solution A manager should recognize when intuition leads away from correct target customers expertise. To make sure that you are presenting the right information to your audience understand how your target customer already is with your company and your product. 12. Overconfidence Overconfidence is achieved by an individual who rates his or her decisions subjectively rather than evaluating them from a more objective and balanced perspective. Solution A manager should be aware of the effects of overconfidence and should assess their decisions through questioning their decision and looking at alternatives to achieve an optimal result. Work Cited Quattrone Paolo. “Embracing ambiguity in management controls and decision-making processes: On how to design data visualisations to prompt wise judgement.” Accounting and Business Research 47.5 (2017): 588-612.
Chapter 3 discussed the different biases which individuals exhibit at various points in their lives. Your book outlined 12 specific biases which people face in given situations. Your assignment is to review each bias and explain in your own words what you define it to be AND to give an example of how a manager deals with each of the 12 biases.