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GMS200 - Chap 3.docx

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Ryerson University
Global Management Studies
GMS 200
Shavin Malhotra

GMS200 Chap 3 - Info & Decision Making Overview: - Biases when making decisions - View decisions critically. - Influence clients by a favorable alternative. Ex: a. 36-inch TV: $800 b. 46in: $1340 c. 50in: $1480 >> IDEAL  THE DECOY EFFECT Critical Thinking: - Observing and recording data is the central aspect of management - Sometimes, the data at hand is not ideal.  THE SIMPSON’S PARADOX: When look at number in figure collectively/ in total, it gives you a different result when you break it up in categories. Leads to unnecessary misunderstood. Stock Predictions - One stock broker provides monthly predictions that correctly predicted 7 of 9 downturns in econ. Over past 3 yrs. Is he an expert?  “What if he said down 34 times”  Not a reliable source. - Experts predict no better than any other person.  Be critical when listening to experts. Classic “Linda” Problem - She becomes: 1/ Bank teller; or 2/ Bank teller and active feminist. - The likelihood of one thing to be true is larger than two things to be true. Rational
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