Overconfidence In Decision Making Essay

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When it comes to making decisions, overconfidence is potentially the most harmful and persistent bias that we face. Chapter 2 of Bazerman and Moore’s Book (2013), Judgement in Managerial Decision Making, explains that although overconfidence can be good in some cases, it can also blur the decision making process. To make more effective decisions it is crucial that we understand our role in the decision making process and substantiate our judgements with evidence.
Overconfidence can influence our decisions in a variety of ways. Overprecision is the human tendency to believe that your judgement in making decisions is correct. Pfeffer and Sutton (2006) explain “When people are overly influenced by ideology, they often fail to question whether
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Forced to complete my assignments this week from the hospital, I began to think about all the decisions being made around me. My husband is also employed by the hospital as a construction superintendent, and he shared some of the details of the projects going on around the hospital. I asked him about the decision making process and it sounded much like the RAPID model described by Rogers and Blenko. He explained that he is responsible for making decisions about what needs to be done and compiling the information into a report with details and pricing, this is the recommendation. The director of facilities has the power to agree to the proposal or decide if it needs modifications. Input is gathered from others effected by the decisions; for example, if modifications are being made to a clinical area, the director of nursing may be consulted. The proposal then goes to the board of directors who will decide whether to proceed with the project. The final step, perform is carried out by the subcontractors hired to complete the work. The decision roles at the hospital are clearly spelled out and everyone understands the part they play in getting large projects from recommendation to completion. It was useful to understand this process and see how information from our readings are actually put into action. This form of decision making makes everyone know what they

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