CHE 2171 Chapter : IMG 0001
Document Summary
Common errors/biases in decision-making: overconfidence- the tendency to put too much confidence on ourselves to make the right decision. If you say that you are 100% certain on an answer, you really are only 70% right: anchoring bias- anchoring a discussion behind something. Confirmation bias- looking to confirm that you have made the right decision, look for information that says that you made the right choice while discarding the information that says you did not. Ways to reduce bias and make better decisions. Myth or science: you can"t teach an old dog new tricks? (myth: it takes older people longer to learn new information but once they do they actually retain it better) Any relative permanent change in behavior that occurs because of our experiences. Easily transferred through written or verbal communication: readily available, always conscious and accessible information, general information. Implicit knowledge: much more difficult to codify or to describe to others, highly personal in nature, based on experience.
