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This week’s key emphasis in Chapter 3 and Chapter 4 “Common
Biases and “Bounded Awareness.” In Chapter 3 dealt with “Common Biases,” and I learned
that there are 12 common biases and they are: “ease of recall, retrievability, insensitivity
to base rates, insensitivity to simple size, misconceptions of change, regression
to the mean, the conjunction fallacy, the confirmation trap, anchoring, conjunctive
and disjunctive events bias, hindsight and the curse of knowledge and overconfidence,”
(Bazerman & Moore, 2013). 

The definition of common biases is “prejudices or
decisions that are not fair and balanced. Judgment errors are
business errors or mistakes that occur due to poor decision-making. In other
words, biases focus on small bits of information instead of the entire amount,
and judgments are based on bad logic and reasoning,” (Study.com, 2018).  Being mindful of these biases helps managers
to avoid negative effects when making determinations.  Each one of the common biases will come into
play depending on what kind of job task that is being performed on any given day.

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In Chapter 4 it dealt with
“Bounded Awareness.”  The definition of bounded
awareness “it’s the tendency to fail to see critical information in our
environment because we’re overly focused on some subsegment of what’s out
there.  We’re so focused on a specific task that we miss other information
that’s extremely relevant,” (Melymuka, 2018). It is now my understanding and belief
that bounded awareness is a phenomenon that covers a mixture of psychological
processes, wholly of which occurs when people fail to see information in their
environment because they are overly focused on some other issues of what is out
there.  Furthermore, this means that the
most important information is always overlooked by people during the process of
deciding. The main cause of this bounded awareness can be wholly credited to
over-focusing. For organizational managers to overcome this issue of
bounded awareness in decision-making, they should try to identify the
information that is required in making the decision and acquire it.

How can understanding the 12 biases help you become a
more effective managerial decision maker?  By understanding the 12 common bases when dealing
with effective managerial decision, making it begins with a clear understanding
of judgment and decision processes. After developing a clear understanding of
these biases, a manager should scrutinize his or her own sound judgment and
decision making. Although the typical manager is usually intelligent and well
educated, his or her decisions are nevertheless susceptible to many common
judgment and decision.  It is now my belief
that biases can and do affect the decision-making process.

            Lastly,
for me the case study of the “Flight of the Boomerang Employee,” shed so much light
on what is no taking place in the workforce today.  However, top talent is hard to find and with
an improving economy and a more job seeker-friendly, labor market, adding
degrees of difficulties to the hunting, employers may be smart to seek out
familiar talent when recruiting.   A boomerang employee “workers who are part of the
company and then leave, but want to come back later,” (Fox Business, 2018).  While it is true that boomerang employees
carry an increased flight risk, they also offer many benefits over a first-time
candidate. Not just that they cost less to recruit and will bring back with
them some certainties in a sea of unknowns along with new acquired skills and
knowledge from other businesses. They have already experienced the company’s
culture, do not require as much training and carry a reminder to other coworkers
that the grass is not always greener on the other side.

 

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