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Describe Compensatory Models

question 365

Essay

Describe compensatory models. Also, discuss the role of representativeness, availability, and the confirmation bias in decision making. Identify the strengths and weaknesses of each technique in your discussion.


Definitions:

Skewness

A measure of the asymmetry of the probability distribution of a real-valued random variable.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Mode

The value that appears most frequently in a data set.

Standard Scores

Scores that are derived from the raw data and standardized to a mean of zero and a standard deviation of one, enabling comparison across different scales.

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