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BUSINESS MANAGEMENT Lecture Notes - Lecture 1: Cognitive Bias

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ellainequibol212
20 Feb 2022
School
Cavite State University
Department
Business
Course
BUSINESS MANAGEMENT
Professor

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Document Summary

We often confuse the measurement of a goal with the goal itself in business. This may encourage you to place too much emphasis on the results rather than the thing that produces the results the process. To break through this common bottleneck, consider why you want to achieve your goals and how you"re going to achieve them not just what you"re going to accomplish. However, before you begin working toward your goals, we recommend that you set an expectation for how frequently you will achieve them. 100% of the time, they may just be easy wins. And if you never achieve your goals, they may become impossible to achieve in the future. A typical brainstorming session may appear to be the most collaborative and effective way to generate creative ideas, but it is actually one of the worst, according to psychologists.

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Related Questions

Correlation Between Human Body And Mind

Each affects the other, but it's much more complicated, above and below.

We tend to think of physical health as the physical fitness of the body. Physical health begins with genetics and nutrition, which feed the health of your cells and tissues, which create the health of your bodily organs, including your brain, and your bodily systems, including the sensory and another system of your body and brain.

Above the level of the physical brain, we have the mind, the 'thinking part' of the brain, and the thought patterns we encourage and discourage in our day-to-day living. The mind and the brain also give rise to your spirits, happy, sad, excited, elated, depressed, etc. And your mind interacts with other people around you, in your communities. This illustrates the hierarchy of life, and the hierarchy of healthcare: genetics, nutrients, cells, tissues organs, bodily systems, body, minds, spirits, and communities.

Every layer affects every other layer. You can eat foods that depress or excite your spirits. Some people are genetically happy most of the time. Others are genetically more somber. If your communities, the people you spend your time with are innovative, adventurous, you will become more innovative and adventurous, perhaps more risk-taking. If your community is more caring and sharing, your mental health will be more aligned to caring and sharing. If your brain loses oxytocin, due to a systemic or dietary problem, or a hereditary factor, you will be less sharing and caring.

So, When you improve your physical health, you tend to improve every layer in the hierarchy. And when you improve any layer in the hierarchy, you improve your mental health. If you improve your physical health, by working with your communities, there are more benefits. If you improve your physical health by eating a better diet, there are more benefits.

If you or your family member is suffering from a disease, you should get a medical bracelets. If they will be wearing a medical bracelet you will have peace of mind and will be able to focus on your work. In case of any medical emergency, it will alert the relevant team and share all the details regarding medical history. You can mention your contact number as an emergency contact number, so if anything happens they will contact you immediately.

An example of physical health impacts mental health is this that when we eat more junk food we tend to feel unnecessarily bored. Our mood changed frequently. We feel down. And when you do proper exercise and have good food you feel so much energy throughout the day.

So this is how physical and mental health is interrelated. So you should learn from your own experiences. When you do certain things you will get certain types of results, so accordingly change the cause if you don’t like the result.

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QUESTION 1

  1. What is the method to establish pay grade widths in which the point spreads are equal for all pay grades?

    a. pay grade bandwidth approach
    b. equal interval approach
    c. equal increase approach
    d. equal percentage approach

1 points   

QUESTION 2

  1. Which variable may be considered an advantage associated with the "a priori" method in determining factor weights?

    a. It simple and easily understood.
    b. It assumes pay structures used for benchmarking are correct.
    c. It emphasizes current pay scales.
    d. It forces committee members to work together.

1 points   

QUESTION 3

  1. The point method of job evaluation has many benefits, but it does have some drawbacks. From the list below, what would be considered a drawback of the point method?

    a. creates too large of a hierarchy of jobs
    b. creates a large number of appeals
    c. regression line is very rarely applied to the pay system
    d. appears scientifically objective but in reality it is very subjective

1 points   

QUESTION 4

  1. You have been provided with the following information about a certain pay range: minimum $50,000; mid-point $55,000; and maximum $60,000. What is the range spread and the range spread percentage?

    a. $10,000 and 20%
    b. $5,000 and 83.33%
    c. $5,000 and 20%
    d. $10,000 and 8.33%

1 points   

QUESTION 5

  1. Which step in developing a job evaluation system using the point method allows you to quantify the extent to which each factor is present in a job?

    a. defining the factors
    b. weighting the factors
    c. scaling the factors
    d. testing the system

1 points   

QUESTION 6

  1. A company decides to include "customer contact" as a compensable factor in their job evaluation system. What conclusion can you draw from this?

    a. The organization does not value "customer contact" above all other compensable factors.
    b. The organization wants to avoid customer complaints.
    c. "Customer contact" would be explicitly linked to performance bonuses.
    d. "Customer contact" is central to the execution of the company's strategy.

1 points   

QUESTION 7

  1. Which of the following should be avoided when using the point method of job evaluation?

    a. benchmarking
    b. factor overlap
    c. equal interval approach
    d. enlargement of pay grid

1 points   

QUESTION 8

  1. A "match the market" pay strategy means all jobs in the organization will actually match the market.

     True

     False

1 points   

QUESTION 9

  1. Considering the factor of "supervisory responsibility," which degree statement is an example of inconsistent construct formation?

    a. Degree 1: no supervisory responsibilities
    b. Degree 2: responsible for supervision of one to three subordinates
    c. Degree 3: responsible for supervision of four to nine subordinates
    d. Degree 4: responsible for development of annual operating budget

1 points   

QUESTION 10

  1. In a point method of job evaluation, large pay range overlaps are preferred.

     True

     False

1 points   

QUESTION 11

  1. Which term refers to the differences between the range midpoints of adjacent pay grades in a pay structure expressed by dollars?

    a. range spread
    b. broadbands
    c. split pay range
    d. intergrade differentials

1 points   

QUESTION 12

  1. Which of the following best defines a benchmark job?

    a. It is a job in the firm's job evaluation system for which there is a good match in the labour market data.
    b. It is a job in the market data that matches a pay overlap.
    c. It is the job in the organization that has a regression line equal to (1) on the pay policy line.
    d. It is the job that is adjusted to the market line for the intended pay level.

1 points   

QUESTION 13

  1. Mille, a human resource compensation specialist, determines that the correlation coefficient is nearly –1 (negative one) after calculating a straight regression line. What conclusion can Mille make based on this nearly perfect correlation coefficient?

    a. The lower the job evaluation points, the lower the pay
    b. The higher job evaluation points, the higher the pay.
    c. The higher the job evaluation points, the lower the pay.
    d. The nearly –1 (negative one) correlation coefficient implies that no change in the pay system is required.

1 points   

QUESTION 14

  1. Your task is to persuade an executive to design a job evaluation system using the point method. What would be the focal point of your argument?

    a. The point method has a high degree of accuracy in measuring jobs.
    b. The point method includes performance management.
    c. The point method is simple to use.
    d. The point method is the only system recognized by employment equity legislation.

1 points   

QUESTION 15

  1. The terms job evaluation and job analysis are interchangeable.

     True

     False

1 points   

QUESTION 16

  1. One of the greatest benefits of using a point method of job evaluation is that it is statistically scientific.

     True

     False

1 points   

QUESTION 17

  1. Which statement best defines range spread?

    a. It is the difference between the first and last pay broadband
    b. It is the difference between the range midpoints of adjacent pay grades in a pay structure, expressed in dollars.
    c. It is calculated by dividing the intergrade differential (expressed in dollars) of each pay grade by the midpoint (in dollars) of the previous pay grade
    d. It is the difference between the maximum and the minimum pay level, in dollars, for a given pay range.

1 points   

QUESTION 18

  1. In order to establish a midpoint of the pay range you must first convert the market line into a pay line policy.

     True

     False

1 points   

QUESTION 19

  1. Which of the following takes place once the job evaluation system has been finalized?

    a. compensable factors are weighed
    b. all jobs are scored
    c. factor degrees are analyzed
    d. factor weightings are measured

1 points   

QUESTION 20

  1. What is a disadvantage of having very narrow pay grades?

    a. The only way for an employee to significantly increase their wages is through a promotion.
    b. It makes seniority systems redundant.
    c. The reliability of the pay grade is low.
    d. The internal stability of the pay grade is low.