Problem Solving and Decision Making

This set of flashcards covers important concepts related to problem solving, decision making, biases, and heuristics.

Algorithm

A methodical, logical rule or procedure that guarantees solving a particular problem.

Heuristics

A simpler thinking strategy that often allows us to make judgments and solve problems efficiently.

Insight

A sudden realization of a problem's solution, contrasting with strategy-based solutions.

Confirmation Bias

The tendency to fixate and be unable to see a problem from a fresh perspective.

Mental Set

A tendency to approach a problem in one particular way, often in a manner that has been successful in the past.

Intuition

An effortless, immediate, automatic feeling, contrasting with explicit, conscious thought or reasoning.

Representative Heuristic

A cognitive bias where we judge the likelihood of things based on how well they seem to represent particular prototypes.

Availability Heuristic

Estimating the likelihood of events based on how readily examples come to mind.

Overconfidence

The tendency to be more confident than correct or to overestimate the accuracy of one's beliefs and judgments.

Belief Perseverance

The tendency to cling to one's initial beliefs even after the basis for those beliefs has been discredited.

Framing

The way an issue is framed can significantly affect decisions and judgments.