Explain the process and cognitive errors in decision making.
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Process and Cognitive Errors in Decision Making:
Decision making is a complex cognitive process involving the selection of a course of action or choice among different alternatives. While individuals aim for rational and optimal decisions, various cognitive errors and biases can influence the decision-making process. Understanding both the process and potential pitfalls is crucial for improving decision-making outcomes.
Decision-Making Process:
Identification of the Decision:
Definition of Decision Criteria:
Allocation of Weights to Criteria:
Development of Alternatives:
Evaluation of Alternatives:
Selection of the Best Alternative:
Implementation of the Decision:
Follow-Up and Evaluation:
Cognitive Errors and Biases in Decision Making:
Confirmation Bias:
Overconfidence Bias:
Anchoring Bias:
Availability Heuristic:
Sunk Cost Fallacy:
Groupthink:
Framing Effect:
Decision Fatigue:
Understanding these cognitive errors is essential for mitigating their impact on decision making. Strategies such as conscious reflection, seeking diverse perspectives, and employing decision-making tools can help individuals and groups navigate the complexities of decision making with greater accuracy and effectiveness.