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Week 4  SA - Self-Reflection Decision Errors

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Q View as TextDownload / 1 ENTREPRENEURSHIP Short Answer: System One Errors A Self Reflection (15 pts) 1. Review the notes I posted regarding the biases or errors associated with System 1 decision-making processes. After reviewing the notes, please complete a discussion/self- reflection on three of the cognitive biases. Your discussion should at least cover the following information for each of the three biases observed/experienced (you can always give me more): (9 pts Total) a. Identify your three biases? (3 pts) b. Share a scenario/detail about each of the three biases you identified. Your example should reflect something you personally experienced or observed someone else committing. Your examples should not simply be a repeat of my examples or narratives from the notes. (3 pts) c. How might you use your examples to make better decisions for yourself? That is, what did you learn? Identify a strategy for each bias that will help you reduce your odds of committing that error. Be specific about strategies....just saying you will slow down or learn to take my time before deciding is not a strategy. (3 pts) 2. Please discuss the most important thing you learned regarding the notes on System One errors. (3 pts) 3. After reviewing the notes on System One errors, what question(s) remain in your mind? (3 pts)

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1. a. My three biases are fairness bias, optimism/overconfidence bias, and substitution bias. b. A scenario for fairness bias can be the ways in which promotion of an employee can be prevented purposely to let another undeserving employee become promoted. This implies that even after being eligible to be promoted because of outstanding performance, the employee is not allowed to be promoted. A scenario for optimism/overconfidence bias is the way in which there can be a manager not identifying the talent and interest of a subordinate employee.