Decision making gone awry | Business & Finance homework help
In order to evaluate the situation more objectively, I developed a decision matrix comprising of four criteria – cost, impact on others, likelihood of success and risk. This step helped me identify and quantify key factors so that I could compare each option against these parameters more accurately. The next stage involved using persuasive tactics by weighing up pros and cons associated with each choice as well as soliciting feedback from friends who had past experience with similar situations for further insight.
The social heuristics used during this process included anchoring (utilizing past knowledge or experiences when making decisions), availability bias (using recent information at hand instead of looking at long term implications) and groupthink (tending towards options favored by those you are closest). By applying these heuristics in combination with persuasion techniques, it allowed me to make a more informed judgement regarding which path would be best suited for myself given the particular circumstances.