Catalina, the Manager of a Law Firm, Makes a Decision

question 96

Multiple Choice

Catalina, the manager of a law firm, makes a decision about the pay raise of her interns based only on their current salaries. This type of decision making can lead to _____.

• A) lack-of-participation error
• B) availability bias
• C) representativeness bias
• D) framing error
• E) confirmation error

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Definitions:

Mean

The average value obtained by adding all the data points in a set together and then dividing by the number of data points.

Standard Normal Curve

A symmetric bell-shaped curve that represents the distribution of many types of data where the mean is 0 and the standard deviation is 1.

Z-score

An index quantifying the position of a value relative to the average value in a dataset, expressed as the amount of standard deviations away from this mean.

Percentile

A value below which a given percentage of observations in a group of observations falls, used to understand and interpret data distributions.