Risky Decision Making Involves Making a Tradeoff Between the Desirability

question 1

Multiple Choice

Risky decision making involves making a tradeoff between the desirability and the likelihood of an outcome. However, managers often focus mainly on desirability in some situations, and focus mainly on likelihood in others.This results in inconsistent preferences.Which heuristic is responsible for this bias?

• A)The representativeness heuristic
• B)The availability heuristic
• C)The simulation heuristic
• D)The anchoring-and-adjustment heuristic
• E)Correspondence bias

Grasp the distinctions between different types of memory (working, short-term, and long-term) and their capacities.

Recognize the effects of rehearsal and chunking techniques on memory retention.

Define and differentiate between iconic and echoic memory.

Explain the four components of working memory and their relevance to cognitive tasks.

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Definitions:

Members

Individuals who are part of a group, organization, or community and often share common interests or goals.

Team Productivity

The efficiency and effectiveness with which a group of individuals work together to achieve common goals, often measured by output or results.

Team Cohesiveness

The extent to which team members stick together and remain united in their pursuit of common goals.

Performance Norms

Unwritten rules or expectations within a group regarding acceptable levels of productivity and behavior.