management

when decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance

describes decision makers who want immediate rewards and avoid immediate costs

describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust to subsequent information

when decision makers selectively organize and interpret events based on their biased perceptions

decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgments.

when decision makers select and highlight certain aspects of a situation while excluding others, drawing attention to aspects while downplaying other aspects and distort what they see and create incorrect reference points

when decision makers tend to remember events that are the most recent and vivid in their memory, distorts their ability to recall events in an objective manner and results in distorted judgments and probability estimates

when decision makers asses the likelihood of an event based on how closely it resembles other events or sets up events.

when decision makers try to create meaning out of random events, they do this because most decision makers have difficulty dealing with chance even though random events happen to everyone and there is nothing that can be done to predict them.

when decision makers forget that current choices cant correct the past, they incorrectly fixate on past expenditure of time, money, or effort in assessing choices rather than on future consequences.

the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome of the event is actually know.

the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome of the event is actually know.