Question

1. Do you think intuition is respected as a decision-making style? Do you think it should be? Why or why not?
2. Share an example of anchoring.
3. Do you prefer to make decisions in a group or alone? What are the main reasons for your preference?

Answer 1

No I don't think that human intuition is respected enough to be treated as a decision making style because intuition is considered to be resulting in significant errors and is not a basis of taking decision unless backed by facts.

In the course of making a decision ,, intuitions act as inclinations that people have towards specific alternative which drive their reasoning to chose the alternative towards which they have strong desire. But such inclinations are not followed unless there are proper witnesses to support the intuition ,,, thus these intuitions might influence the decision making , , but the core values of comparing the alternatives with each other and choosing the one which is perceived to be the most profitable than others is still the criteria applied for making ultimate decision.

No I don't think it should be treated as a decision making style because intuitions are directly related to the feelings of a person. So if an individual is feeling good , he will think positive about an alternative and will make the decision and stick confidently to it . But if everything is going negative in the life of an individual, this negativity will directly affect his decision making which might result in taking inappropriate decisions.

Therefore intuition can be trusted up to the point of how rational the person us at the moment of taking decision based on intuition.

Therefore decisions should be based on facts and reasonable criteria rather than based on intuition which inturn is influenced by emotions and extraneous feelings that can distort the very motive of taking a decision.

Anchoring is a behavioral bias in which a person relies too much on a pre assumptions or a recent information to make a judgement,

The most common example of anchoring is:

If as a customer goes to a market time buy a T-shirt and looks at the first T-shirt with a price tags of $12 and then looks at another T-shirt with a price if $10 dollars , he is more likely going to percieve the second T-shirt as cheaper than the first which in real is expensive as per his spending target  

Now if the individual will see the second T-shirt with a price if $100 dollars at first, he is not going to see it as cheaper and will want to look for T-shirt with lesser price.

This bias is known as anchoring.

I prefer to make decisions in a group rather than alone, because I understand the significance of of a group decision making.

Group decisions are more accurate because they involve multiple brains with different levels of creativity, knowledge, competence, critical thinking and perspectives which will help to evaluate an alternative in more detail putting into consideration each aspect and dimension of alternatives available and then only coming up with a conclusion based on deep understanding of outcome and benefits from the decision taken.

Moreover group decisions promote sharing of ideas and facts which will help to understand the issues or complexities involved with a more vivid outlook. It will help to see different aspects of a same alternative using different perspectives of each mind. So the decision taken will be more you to the mark than in individual decision making.

Thanks dear student

Hope I explained well

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