Question

Decision making is often a biased and flawed process. This activity is important because a person who can identify and be aware of their biases may be able to make better decisions for themselves and may be able to diagnose flawed decisions that affect their workplace.The goal of this exercise is to test your knowledge of the nine fundamental decision-making biases.Availability BiasRepresentativeness BiasSunk-Cost BiasAnchoring and Adjustment BiasConfirmation BiasOverconfidence BiasHindsight BiasFraming BiasEscalation of Commitment BiasFirst, hover over each name and read the scenario. Next, click and drag each name into the appropriate area in the chart to correspond with the decision-making bias its scenario best represents.

Answer 1

Answer:

Availability Bias(Amber)

Representativeness Bias(Logan)

Sunk-Cost Bias(Katrina)

Anchoring and Adjustment Bias(Sue)

Confirmation Bias(Mike)

Overconfidence Bias(Bill)

Hindsight Bias(Kathy)

Framing Bias(Allison)

Escalation of Commitment Bias(Patrick)

Explanation:

Bias can as well be regarded as cognitive bias, it can be explained as tendency that comes in when making decisions or taking actions in ways that are illogical.It should be noted Decision making can often be biased as well as flawed process.

The fundamental decision making bias are been listed below as;

1)Availability Bias

2)Representativeness Bias

3)Sunk-Cost BiasAnchoring

3)Adjustment Bias

4)Confirmation Bias

5)Overconfidence Bias

6)Hindsight Bias

7)Framing Bias

8)Escalation of Commitment Bias