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Decision Making Biases & Errors
Definition:
“It means the managers assess the likelihood
of an event based on its closeness to the
other events, it is called Representation Bias”
 Occurrence
 Assessment
 Probability
 Recall thoughts
 Similarities.
Representation bias occurs through memory
recall. When a decision maker has to analyze the
options of a decision, he tends to recall a
memory or experience that is similar to the
present decision-making situation. In the
representative heuristic we compare the similarity
of two objects and assume that one is like the
other (Aronson, 1999).
 The representativeness heuristic argues that
people see commonality between items or
people of similar appearance, or between an
object and a group it appears to be a part of.
 If I meet three people from a company and they are
all aggressive, I will assume that the company has
an aggressive culture and that most other people
from that firm will also be aggressive.
 whenever we see a beggar, he or she must be poor,
that’s our first thought. However, there are cases
where some of them live in big houses!
 Another example, bad drivers – if you see a bad
driver, it must be a lady! So all these are
stereotyping!
According to above said discussion I can
conclude that people use the representative
heuristic to make judgments or form
impressions about someone or something.
Representation bias

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Representation bias

  • 1.
  • 3.
  • 4. Definition: “It means the managers assess the likelihood of an event based on its closeness to the other events, it is called Representation Bias”
  • 5.  Occurrence  Assessment  Probability  Recall thoughts  Similarities.
  • 6. Representation bias occurs through memory recall. When a decision maker has to analyze the options of a decision, he tends to recall a memory or experience that is similar to the present decision-making situation. In the representative heuristic we compare the similarity of two objects and assume that one is like the other (Aronson, 1999).
  • 7.  The representativeness heuristic argues that people see commonality between items or people of similar appearance, or between an object and a group it appears to be a part of.
  • 8.  If I meet three people from a company and they are all aggressive, I will assume that the company has an aggressive culture and that most other people from that firm will also be aggressive.  whenever we see a beggar, he or she must be poor, that’s our first thought. However, there are cases where some of them live in big houses!  Another example, bad drivers – if you see a bad driver, it must be a lady! So all these are stereotyping!
  • 9. According to above said discussion I can conclude that people use the representative heuristic to make judgments or form impressions about someone or something.