Question
_________ areĀ mental shortcuts that allows people to
solve problems and make judgments quickly and efficiently.Solution
HeuristicsĀ are mental shortcuts that can facilitate problem-solving and probability judgments. These strategies are generalizations, or rules-of-thumb, that reduce cognitive load, and can be effective for making immediate judgments. These rule-of-thumb strategies shorten decision-making time and allow people to function without constantly stopping to think about their next course of action. Daniel Kahneman and Amos Tversky identified different kinds of heuristics: availability, representativeness, anchoring and affect.
Which of the following is not an operational decision?
A manager who uses anchoring bias to make decisions is guilty of doing which of the following?
Manish is going on a vacation and needs to book a hotel. He shortlists 3 hotels and is now comparing them on basis of cost, facilities available and pro...
Which of the following theory states that people are averse to losses?
The _______ isĀ a process used to arrive at a group opinion or decision by surveying a panel of experts.
Who defined the various roles of a manager into three categories of interpersonal informational and decisional roles?
Fish-bowling is a variation of which of the following decision-making technique?