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Chapter 3

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Department
Commerce
Course
COMMERCE 3S03
Professor
Vera Dodds
Semester
Winter

Description
Commerce 3S03 Chapter 3 Problem Solving and EthicsThe Challenge of Problem SolvingProblem solving is complexMost problem solving frameworks are simple in form and concept but the trap is assuming simple understanding can substitute for the discipline of executionProblem Solving MythsTaking action is better than standing byTrust your gutI know when Im making a poor decisionDividing an elephant in half produces two small elephants Few complex problems lend themselves to easy solutions Ethics is not my problem Ethical abuses are due to unethical peopleWhy Smart People Make Bad DecisionsDecision making in another area where true expertise involves knowing the traps that so frequently hinder sound judgmentIntuition Represents a collection of what weve learned about the world without knowing we actually learned it Can be useful if we track what we have learned and under what circumstances that learning led to success so we can replicate it in the future To show how our intuition operates and can lead to mistakes its useful to consider what is termed the ladder of inference Inference is drawing a conclusion about something we dont know based on things we do know First it starts with what we observe or experience what people say and doNext you make some assumption about what youve observed based upon your own cultural and personal experiences with the observed behaviour Solving problems also requires we not jump to inappropriate conclusions and that we keep an open mind about people problems and situations The essence of the fundamental attribution error is people tend to overattribute behaviour to internal rather than external causes When determining the cause of another persons behaviour you are more likely to consider factors related to the persons disposition then to her particular situation Selfserving bias is where we attribute personal successes to internal causes and personal failures to external causesSix Ways People Exercise Poor Judgment Without Knowing It Judgment Error 1 Availability The availability bias clouds our judgment because things more readily available to us are likely to be interpreted as more frequent or importantJudgment Error 2 RepresentativenessRepresentative bias is that people pay more attention to descriptors they believe to be more representative of the persons career choice than the key base rate information that leads to the better choiceHasty generalization fallacy People often draw inappropriate general conclusions from specific cases because they do not realize their specific example is not necessarily so in all or even most cases Occurs because we tend to operate by what has been called the law of small numbers willing to leap to general conclusions after seeing only one or two examplesJudgment Error 3 Anchoring and AdjustmentDifferent starting points lead to different end resultsJudgment Error 4 ConfirmationRepresents peoples tendency to collect evidence that supports rather than negates out intuition before decidingJudgment Error 5 Overconfidence
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