Decision making checklist

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Decision making checklist by Mind Map: Decision making checklist

1. Biais checklist

1.1. Anchoring Biais

1.1.1. To stick to the first information as a reference point for a decision. The information don't need to be related to the problem. Roger wants to buy a new car. The car is displayed at 36 000$ though he can only a ord 25 000$. He decides to go at the car dealership anyway and bargains for 33 000$. Roger buys it because he thinks he just made a great deal. Though, the value of the car may be much lower then 35k$ and Roger anchored to the display price instead of what he could a ord. From Roger's perspective, he just saved 3 000$ but he really just took 8 000$ of debt.

1.2. Attribution error

1.2.1. To project and emphasize our own behavior to interpret one's actions or behavior rather than environmental factors. The context is often neglected when trying to understand one's behavior. Lisa is a bad and reckless driver. The other day, she saw a car burn a red light in front of her. She immediatly conclude that the other driver is a bad and reckless drive, thus, attributing to the other driver her own behavior to the other driver. She omits the possibilities that the other driver had to run to the hospital or was in an emergency.

1.3. Authority Bias

1.3.1. To comply to an authority's demand or statement while bypassing our one judgement. Lisa is a nurse. Her patient just got an eye operation. The doctor who's caring for the patient wrote prescription of drugs to take periodically. Since the doctor was tired, he wrote to put eyedrops in the patient's rectum. Lisa, used to listen to doctors without any questions puts eyedrops in her patient's rectum for two days before the doctor realize the mistake.

1.4. Avaibility Biais

1.4.1. To give more importance to recent or stronger information when making a decision. This bias is a consequence of the fact that stronger and recent information are recalled more easily. Roger just saw a plane crash on the news. Even though Roger knows that plane crashes are less likel

1.5. Bias from Association

1.5.1. To be influenced by a stereotype, association or by familiarity in your decisions or perspectives. Roger decided not to hire Mehdi because he his Muslim and Roger had bad experiences with Muslims. But Mehdi is the most reliable and smart scientist from his eld. Three years later, Mehdi invented a new device that is putting Roger out of business.

1.6. Bias from Disliking or Hating

1.6.1. To ignore the virtues and opinions of what we dislike and distort the facts. This influence our judgement of a peculiar situation and affects the way we gather informations. Lisa is a critical thinker. Yet, everytime she argues with her neighbor she doesn't listen to his arguments at all because she dislike him. She base her judgement only on the person itself instead of listening to the arguments.

1.7. Biais from liking

1.7.1. To be more inclined to accept compromises from people we like. It's harder to say no to a friend then to a stranger. Roger is a charmer. He atters everyone that surrounds him. He noticed that most people are happy to help him when he asks a favor. Since everybody likes Roger, everybody help him.

1.8. Biais from Overconfidence

1.8.1. To overestimate one's performance, overplace one's performance compared to others or expressing with overprecision the accuracy of one's belief due to over-confidence. This creates an asymmetry between the subjective reality and the objective accuracy of one's judgements. Roger overestimates the rate of work of his team. Even though he's always con dent about his team's performances, he's wrong most of the time.

1.9. Biais from the status Quo

1.9.1. To be biased toward doing nothing and maintaining the current decision. Any changes from that reference point may be perceived as a lost. Roger disagree with changing a Trading policy. He believes that since the policy has been in place for years, it will work for many years to come. Though, Roger didn't examine the fundamentals and is biased toward the current state.

1.10. Central Tendency Bias

1.10.1. To avoid extremes in favor of an intermediate choice for no apparent reason. Most people will take actions in order to avoid extreme Roger has rejected a data set because there was too many outliers. He jus- ti es it by saying that so many outliers must be due to an equipment prob- lem. Though, the outliers might be showing an unknown phenomenon.

1.11. Commitment and Consistency Bias

1.11.1. To look for consistency and disregard informations that promotes inconsistency. Once a decision is made, you commit to the idea and take action accordingly. Roger had the biggest fund raising round for his environmental project. His technique was to ask people through a survey if they would contribute to a project that ghts global warming. Most people saying yes, he col- lected money from them three days later.

1.12. Conjunction Fallacy

1.12.1. To assume that more specific event are more likeley to happen then more generic ones. The more specific events may seem more likely because of the priming effect where details supports the specific conclusion. Roger is a interior designer and loves gossip magazines. Is Roger more likely to be a man or a gay man? Here, the information may support that Roger is a gay man. Yet, all gay man are man but not all man are gay man. It makes the rst choice more likely.

1.13. Confirmation Bias

1.13.1. To focus on the information that validates or con firms prior held beliefs. This greatly impacts information gathering and interpretation of facts. Lisa and her team took 3 months to elaborate a new business strategy. After all the work done, everyone in the team believes it his the perfect strategy. Three months later, the context changes in the industry. But the team decides to stick with their strategy they believe in. Two years later, Lisa is out of business because her team ignored new evidences that made their strategy obsolete.

1.14. Part 1

1.15. Part 2

1.16. Part 3

1.17. Part 4

1.18. Part 5

1.19. Part 6

1.20. Part 7

1.21. Part 8

2. Fallacies Checklist

2.1. Part 1

2.1.1. Ad Hominem Fallacy To reject one's argument by attacking his personal traits which in turns, inval- idates the argument itself. Example

2.1.2. Appeal to Emotion To evoke emotions such as pity, fear, pride or hatred in order to reinforce a conclusion, even though, it isn't relevant. Marketing

2.1.3. Appeal to Ignorance To assume a conclusion true because no one has proved it false or assume a conclusion false because no one has proved it true. Medical Diagnosis

2.1.4. Appeal to Popularity To assume that a proposition is valid because a lot of people believes it. Beliefs

2.1.5. Tradition Fallacy To assume that a proposition is valid because it's been believed for a long period of time. Policies and Politics

2.2. Part 2

2.3. Part 3

2.4. Part 4