Archives For bounded decision making

Often times we make decisions as part of a group and in the environment of the group there is a strong possibility that the cohesiveness of the group leads members to minimise interpersonal conflict and reach a consensus at the expense of crticially evaluating and testing ideas.

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In a series of occasional posts on this blog, I’ve discussed some of the pitfalls of heuristics based decision making as well as the risks associated with decision making on incomplete information or in an environment of time pressure. As an aid to the reader I’ve provided a consolidated list here.

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As the latin root of the word risk indicates an integral part of risk taking is the benefit we achieve. However often times decision makers do not have a clear understanding of what is the upside or payoff.

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