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PART 3:Chapter 6 - Introduction to Managerial Decision Making

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Across
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They often make the mistake of diagnosing the problem in terms of its symptoms
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The benchmark that Influences all kinds of purchases
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They are known to use the representativeness heuristic
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These occur because of the self-serving emotions of individuals
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The notion that ethics are limited in ways which we are unaware
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The assumption that something is good or bad on the basis of other people's previous behavior
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Intuitive use of selective data when testing hypothesis
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In a given situation,this often depends on the behavior of others
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The Integrating concept of the field of behavioral decision research
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Statistical measure of how much the movement of two variables is related
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Decision making process that is logically expected to lead to the optimal result
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A situation in which Irrelevant initial hypothesis holds undue sway over our judgments
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Standard rules that implicitly direct our judgment
Down
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Cognitive aspects of the decision making process
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Limits the quantity and quality of information available
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The believe that something is bad or good on the basis of our own previous behavior
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Hailed as the key to maximising personal utility
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These strategy based on instances of frequent events can be a very useful managerial decision making strategy
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The domain that has been most influenced by decision research
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A bias in which we too quickly dismiss in retrospect the possibility that things could have turned out differently