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Management Decision Making - Assignment Example

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The paper “Management Decision Making” seeks to evaluate analogical reasoning, which involves establishing a common relation between two or more situation and generating a suitable conclusion. The analogy is identified as one of the common features of human cognitive thinking…
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Management Decision Making
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Download file to see previous pages The purchasing decisions of individuals are influenced by analogical reasoning. It is considered as a technique which shoppers use to increase the satisfaction regarding the purchased commodity or service (Foreman & Selly, 2001). Last week when I was purchasing a mobile handset, I adhered to the information that was provided to me by the storekeeper. Instead, if I had used my own analogical reasoning, perhaps I could have made a better purchase. Through analogical reasoning, I could have analyzed my previous experiences with different brands. Analogical reasoning could have also helped me to consider and match my needs with the offerings of the product and chose more wisely.
Biased behavior is a common issue faced in the daily lives of most individuals. Biases refer to supporting a particular theory, an individual or to think in a particular manner without being rational. Biases from others may arise out of different reasons such as lack of knowledge, attachment with particular individuals or the lack of familiarity with certain situations. Biases may often cause individuals to take wrong decisions (Frame, 2012). Biased thinking may also arise out of individual heuristics. Heuristics is the process of making decisions quickly without analyzing the same in-depth or logically. Such an effect leads to the generation of cognitive biases. Biased judgment can also arise out of wishful thinking. Wishful thinking and beliefs of individuals may act as suitable motivations for biased decision making. Understanding other people’s bases is an important aspect while working in teams or while taking decisions collectively. This helps in understanding the motive behind their biased thinking.  ...Download file to see next pagesRead More
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