Discussion Topic The Hidden Traps in Decision Making, business and finance homework help

Discussion Topic

This Discussion is based on the article, “The Hidden Traps
in Decision Making” by Hammond, Keeney, and Riaffa from Harvard
Business Review, Make sure to read this article before starting the
Discussion.

Learning how to perform analytics is only step one in the
road to making correct decisions. There are many traps along the way that may
lead you down the wrong path, even if you know which analytical methodology you
need to use. In this article, the authors describe various psychological traps
that you may encounter. You will focus on seven: Anchoring, status quo,
confirming evidence, framing, overconfidence and prudence, recallability.
Please note that sunk cost trap is not included.

For this Discussion, select one of the seven traps listed
above. Then, do the following:

1. From
   your professional experience, provide a real, specific example where you
   believe decision makers (you or other managers) encountered the trap.
2. Explain
   why you think your example fits the trap you selected. Remember, there are
   many bad decisions that are not the result of a decision trap. Does your
   example have the characteristics of the decision trap you selected?
3. Provide
   specific recommendations to your organization to identify and prevent the
   trap in the future.

Please use the format below for your answers so everyone can
easily follow your answers to all the questions (copy and paste to your post;
using the template below is part of the requirements).

Trap name

What happened: First, describe the
event/situation.

Why it fits this trap: Explain why you think
this situation fits the trap definition.

Recommendations: Describe how the situation can
be identified in the future or what your organization should do to prevent it
from happening again.