HRM 1101 Lecture 30: Thinking Traps and Decision making process

• School: Temple University
• Department: Human Resource Management
• Course: HRM 1101
• Professor: Anthony Petrucci I I I

Document Summary

Framing: being overly influenced by how a problem is explained or seen. Confirming evidence: selectively seeking out information that supports your point of view. Anchoring: giving too much value to the first piece of information received. Sunk costs: making choices that justify flawed past decisions. Decision making steps: identify the problem, establish the decision-making criteria, allocate weights to the decision-making criteria, list alternatives, choose an alternative, implement the decision, evaluate the decision. Criteria x alternatives, add them up= highest number wins. How to increase sales, but boss wants costs cut.