In this unit, you learned about the different biases in decision-making. For this assignment, you will compose an essay that examines these biases. In your essay, briefly describe each of the three general heuristics covered in Chapter 3 in the textbook. Then, pick one or more of the three heuristics, and describe an original decision-making scenario that conveys how the heuristic and associated bias(es) played a part in the outcome. Explain how the biases could have been overcome to improve the decision.
This scenario can be real or imagined, and it can be about personal or business decision-making events. You should not use the scenarios or examples given in the textbook. Be sure to use what you have learned about the heuristics and biases to create your scenario.
In your essay, include both an introductory paragraph with a topic sentence and a conclusion. Your essay must be a minimum of three pages in length, and it must include at least two references, one of which must be the textbook and one of which must be another academic source. Any information from a source must be cited and referenced in APA format.
Bazerman, M. H., & Moore, D. A. (2013). Judgment in managerial decision making (8th ed.). Hoboken, NJ: Wiley.
Devito, J. A. (2016). Biases in Making Choices. ETC.: A Review of General Semantics, 73(4), 314.