Define Psychological Biases and Explain How They Relates to Managerial

question 34

Essay

Define psychological biases and explain how they relates to managerial decision making.

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Definitions:

Deductive Reasoning

A logical process in which a conclusion follows necessarily from the set of premises, moving from general principles to specific instances.

Hypothetical Thought

Cognitive processes that involve exploring possibilities, imagining outcomes, and thinking about situations that are not directly experienced.

Acute Self-Consciousness

An intense awareness of oneself, often accompanied by feelings of scrutiny and evaluation by others.

Analytic Thought

A cognitive process focused on breaking down complex information into smaller components for easier understanding and problem-solving.