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A distribution of service times at a waiting line indicates that service takes 12 minutes 30 percent of the time and 14 minutes 70 percent of the time. This distribution has been prepared for Monte Carlo analysis. The first four random numbers drawn are 07, 60, 77, and 49. What is the average service time of this simulation?
Confirmation Bias
A cognitive bias that influences individuals to favor information or interpretations that confirm their preexisting beliefs or hypotheses.
Preconceptions
Preformed opinions or beliefs, often without basis in fact or experience, that influence one's perception.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.
Overconfidence
A cognitive bias where an individual's subjective confidence in their own abilities is greater than their objective accuracy.
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