Identify and describe two common judgment traps
What will be an ideal response?
Rush to Solve and Judgment Triggers. Rush to solve occurs when professionals want to “get to a solution”
quickly and as a result tend to skip the first step of the judgment process, which involves identifying the
problem or issue to be solved and specifying the objectives to be achieved. Likewise, decision triggers,
which are often alternatives masquerading as a problem definition, tend to push the decision maker to fail
to consider the problem definition and problem objectives. Skipping this first step of the judgment process
usually artificially limits the size of the set of potential alternatives. This is important because a decision can
only be as good as the best alternative identified.
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Derivatives are financial instruments that derive their value from changes in any of the following underlying securitiesexcept:
a. Stock prices b. Percentage discount on accounts receivable c. Interest rates d. Commodity prices
When a stock split occurs, earnings per share must be adjusted retroactively
Indicate whether the statement is true or false
If an insane person who has not been adjudged insane enters into a contract, the contract is non-voidable by the insane person.
Answer the following statement true (T) or false (F)
Discuss the effect on an instrument of: (a) contradictory amounts between the numerals and amount written in words on a check; (b) the interest rate left blank on a promissory note; and (c) contradictory terms that are typed or printed onto a promissory note and terms that are handwritten