Describe several common errors in decision making

Question

What will be an ideal response?

Answer 1

Cognitive near-sightedness refers to the decision maker's attempts to satisfy immediate needs without considering the long-term effects of the decision. Assuming the future will repeat the past pertains to the decision maker's basing decisions on past data, information, and events while neglecting to consider changes in the department and environment. A failure to consider the possibility of change also leads to decision-making errors. Oversimplification is a natural tendency among all decision makers and refers to the decision maker's attempting to reduce every problem to its lowest denominator. Overreliance on one's experience is a decision-making failure to seek additional outside information. Preconceived notions refer to subjective biases, which everyone has. Unwillingness to experiment is the tendency to use past practices without considering the possibility of more appropriate strategies. Finally, many managers have a general reluctance to make decisions. They perceive an element of danger in making change, and decision making generally constitutes making change.