OAM 330

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320 Terms

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decision making

Refers to selecting choices among alternative courses of action (Also includes inaction)

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Decisions are

- a component of any job

- not just made at the top but by every employee that is part of an organization

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Decision Making Models

- Rational Decision Making Model

- Intuitive Decision Making Model

- Bounded Rationality Model

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Rational Decision Making Model Advantages

- Establishes clear criteria for how options should be evaluated

- Urges decision makers to generate an exhaustive set of alternatives

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Rational Decision Making Model Assumptions

- That people know all their available choices

- That people want to make the optimal decision

- That people have no cognitive biases

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Intuitive Decision Making Model

- Arriving at decisions without conscious reasoning

- Decisions are not made between a list of well thought-out alternatives

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Why decisions are not made between a list of well thought-out alternatives

- Changing conditions and circumstances, time pressures and constraints, uncertainty

- People instead scan the environment for cues to plan a course of action

- Only one choice is considered at a time

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Bounded Rationality Model

Recognizes the limitations of decision-making processes

- Individuals knowingly limit their options to a manageable set

- Individuals choose the first acceptable alternative

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Satisficing

Accepting the first alternative that meets yourminimum criteria

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Heuristics

- mental shortcuts or rules of thumb

- people tend to rely on ______ which allows us to make decisions quickly

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Satisficing Upside

We tend to save cognitive time and effort

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Satisficing Downside

Over reliance on heuristics can result in cognitive biases

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Cognitive biases

are errors in perception that result in faulty decision making

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Bias

refers to a tendency for people to over (or under) estimate the true parameter

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An over reliance on heuristics or gust instinct

how people fall into predictable decision making traps

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Biases are what

lead people to have a distorted picture or inaccurate understanding of the environment

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Availability Bias

- Situation in which information that is more readily available is viewed as more likely to occur

- Events that are emotional, vivid, or more easily imagined also tend to be more available in our memory

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How frequently we are exposed to the info

is how people conflate how likely something is to happen

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Conjunction Fallacy

People judge that two or more events happening is more likely than one event

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Representativeness bias

- Tendency to assess an event as more likely to occur based on our own stereotypes

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Representativeness bias affect

People tend to disregard or ignore potentially relevant information (ie. Sample sizes, base rates, etc.)

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Representativeness bias is similar to

availability bias

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Representativeness bias difference

is largely based on your own personal experience

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Anchoring & Adjustment Bias

- Refers to the tendency to rely too heavily on an initial reference point when making decisions and failing to adjust sufficiently

- The initial reference point is often arbitrary and unrelated to subject

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Anchoring & Adjustment Bias Impact

People are not good at perceiving things in absolute terms (only relative terms)

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Framing Bias

Refers to the tendency to be influenced by the way that problems are presented

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Loss Aversion

Losses tend to loom larger psychologically than gains

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When problems are framed as losses people...

tend to engage in riskier behavior to avoid the psychological pain of dealing with a loss

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Confirmation Bias

Refers to the tendency to processand analyze information thatsupports a person's preexistingideas

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People tend to be (in relation to confirmation bias)

ego-affirming

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Ego-affirming Impact

- We see what we want to see

- People tend to not seek out disconfirming information or evidence to the contrary

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Remedies of Confirmation bias

Awareness and Training, Check yourself and try to think from a 3rd person perspective, and Expand your information search and play devil's advocate

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Escalation of commitment bias

When individuals continue on a failing course of action after informationreveals this is a poor path to follow

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Why commitment bias exists

People do not like admitting they were wrong (Choose to continue on poor course of action to try and save face or preserve reputation)

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Sunk cost fallacy

Continuing with decision because you've already invested a significant amount of time or money

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Hindsight bias

When people look at the past and judge a mistake that was made as it should have been recognized in the moment

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Problems caused by Hindsight Bias

- In a given moment, it's unclear what the right decision should be

- Things appear obvious after the fact with the benefit of knowing what happened

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Correlation and causality bias

- Confusing an association or connection between two events as a "cause and effect" relationship

- People mistakenly believe because "X", therefore "Y"

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Perception

Process with how people detect and interpret objects or actions in the environment

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Self-Perception Biases (types)

Self-enhancement bias & Self-serving bias

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Self-enhancement bias

People have a tendency to see themselves more positively than others actually do

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Self-serving bias

People tend to attribute their successes to internal characteristics and failures to external situations

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Overconfidence bias

- People have a tendency to overestimate their abilities (and even luck)

- People also tend to consistently overestimate ability to predict future events

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Planning Fallacy

- People often underestimate the amount of time they will need to complete a future task(Stems from overconfidence bias)

- Occurs regardless of the individual's knowledge or familiarity with the task at hand

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Endowment Effect

- Refers to a tendency for individuals to value something they own at a higher value than its market value

- People's positive self-concepts tend to spill over into their possessions (Ownership leads people to place items at a higher value)

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First Impressions

Initial thoughts and perceptions about people tend to be stable and have a lasting impact

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Difficulty imposed by First Impressions

Once formed, first impressions are surprisingly resilient to contrary information

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Selective Perception

We often ignore other parts of the environment when we perceive others

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Difficulty imposed by Selective Perception

- People have a tendency to ignore factors that might contradict their prior beliefs

- We see what we want to see and ignore or discount information that seems inconsistent

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Halo Effect

The tendency for people to form a positive overall impression of someone based on a single characteristic or trait

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Halo Effect Impact

People tend to rate people who are good-looking as more intelligent and capable

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Horns effect

Forming a negative overall impression based on a single trait

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Stereotypes

- Generalizations based on a perceived characteristic

- Become potentially discriminatory is when we generalize from a group to a particular individual

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Selective perception

perpetuates stereotypes

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Difficulty imposed by Selective Perception--> in relation to stereotypes

Information that goes against our beliefs is often seen as an "exception to the rule" or gets discounted

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Self-fulfilling prophecy

- Occurs when an established stereotype causes a person to behave a certain way in a way to make the stereotype come true

- Creates a perpetuating cycle in which beliefs influence peoples' behavior and that behavior reinforces one's subsequent beliefs

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Attribution

is a causal explanation we give for an observed behavior

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Internal attribution

Explaining someone's behavior using their internal characteristics

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External attribution

Explaining someone's behavior by referring to the situation

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Attribution Dimensions

Consensus, Distinctiveness, & Consistency

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Consensus

Do other people behave the same way?

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Distinctiveness

Does this person behave the same way in other situations?

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Consistency

Did this person behave this way in the same situation previously?

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Fundamental Attribution Error

Refers to the tendency for individuals to make internal attributions about others when they experience negative outcomes, but external attributions when they experience positive outcomes

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Self-serving bias in relation to fundamental attribution error

This tendency is reversed when it comes to attributing our own behavior

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Self-Perception Biases Types

Self-Enhancement, Self-Serving, Overconfidence (Planning Fallacy & Endowment Effect)

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Social Perception Biases Types

First Impressions, Halo (Horns) Effect, Stereotypes (Self-Fulfilling Prophecy)

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Cognitive Biases Types

Escalation of Commitment, Hindsight, Correlation and Causality

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Attribution Types

Consensus / Distinctiveness / Consistency → Internal / External Attribution

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Individual differences

refer to enduring psychological features that are stable over time and across situations

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General mental ability (IQ) Definition (def.)

Refers to one's overall cognitive abilities (reasoning, verbal, numerical, analytical skills)

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General mental ability (IQ)

Most powerful predictor of job performance (~25% of variance)

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Emotional intelligence (EQ) Def.

Understanding others' emotions and how they respond to our own emotions

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Emotional intelligence (EQ)

Also predictive of job performance(~8% of variance)

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Core Self Evaluations

Refer to peoples' fundamental beliefs about their abilities and control

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People's beliefs about themselves

have various implications for important organizational attitudes (job satisfaction) and behaviors (job performance)

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Self-esteem

Degree to which a person has overall positive feelings about themselves

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Self-efficacy

Belief that one can perform a specific task successfully

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Job specific

You can have high self-esteem but low self-efficacy

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Self-esteem & Self-efficacy

Belief that we can do something is a good predictor of job performance

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Locus of control

Degree to which people feel accountable for their own behaviors and outcomes

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Internal locus of control

Belief that what happens to me is my own doing and I control my own destiny

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External locus of control

Belief that what happens to me is due to other people, situational factors, or luck

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Demographic Features

have low predictive value for job performance

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Personality

- Encompasses the relatively stable feelings, thoughts, and behavioral patterns

- Stable ≠ No change

- People tend to become more emotionally stable over time

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Understanding personality

gives us clues about:

- Types of careers people choose

- How satisfied people are with jobs

- How well people handle stress

- How effective people will be as leaders

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Personality Assesments

- Myers-Briggs Type Indicator (MBTI)

- Enneagram

- Love Language

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MBTI

Most well-known and used personality assessment

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MBTI Legitness

- Not legit

- Lacks validity--> Relies on personality "types" as opposed to "traits"•

- Lacks reliability--> Up to 75% of participants get a different result on a retest•

- Lacks predictive value

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FiveThirtyEight

Legit Personality Quiz

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Big 5 Personality Traits

(OCEAN)

Openness

Conscientiousness

Extraversion

Agreeableness

Neuroticism

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Openness

Degree to which a person is curious, original, intellectual, creative, or open to new ideas

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Openness attributes

imagination, complexity, change, & scope

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Conscientiousness

Degree to which a person is organized, systematic, punctual, achievement oriented, and dependable

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Conscientiousness Attributes

Organization, Drive, Concentration, & Methodical

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Extraversion

Degree to which a person is outgoing, talkative, sociable, and enjoys being in social situations

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Extraversion Attributes

Sociability, Energy Mode, Taking Charge, & Trust of Others

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Agreeableness

Degree to which a person is nice, tolerant, sensitive, trusting, kind, and warm

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Agreeableness Attributes

Agreement, Deference, Reserve, & Reticence

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Neuroticism

Degree to which a person is anxious, irritable, temperamental, or moody