TAILIEUCHUNG - Lecture Judgment in managerial decision making (8e) - Chapter 7: The escalation of commitment

After studying this chapter, you should be able to: Discuss the effects of too much or too little control in an organization, describe the four basic elements of the control process and the issues involved in each, differentiate between the different levels of control and compare their implications for managers,. | Judgment in Managerial Decision Making 8e Chapter 7 The Escalation of Commitment Copyright 2013 John Wiley & Sons As noted previously, we tend to use heuristics, or rules of thumb, to reduce the complexity of our decisions. Often, these heuristics allow us to make effective decisions in a short amount of time. However, under the right set of circumstances they can also lead us into making biased decisions. Avoiding the biases that come with the use of heuristics is so difficult that even the most intelligent people are prone to error. Before introducing key biases, take a few minutes to answer the following questions. Write down your answers. 1 The Escalation of Commitment Committing to an initial decision Competition and escalation Explanations for escalation The escalation of commitment is the pervasive tendency to increasingly commit resources into the pursuit of an initial goal or decision, irrespective of evidence suggesting that it is best to abandon our initial goal or .

• Quản trị kinh doanh
• Managerial decision making
• Judgment in managerial decision making
• Decision making
• Social responsibility
• Individual ethics
• Ethical decision making
• Ethics in decision making
• Fairness in decision making
• Improving decision making
• Strategies for better decisions
• Operations strategy
• Product design objectives
• Anatomy of decisions
• System 1 thinking
• System 2 thinking
• Making rational decisions
• Claiming value in negotiation
• Game theoretic approaches
• Emotional influences
• Decision mak
• Implicit attitudes
• Lecture Management
• Managerial environment
• Decision making model
• Administrative model
• Forms of overconfidence
• Consequences of overestimation
• Common biases
• Batting averages
• Bounded awareness
• Role playing exercise
• The reversal of preferences
• Big positive gamble
• Perceptions of certainty
• Common investment mistakes
• Poor investment decisions
• Investment decisions
• Negotiator cognition
• Common mistakes of negotiators
• Escalation of conflict