Abha deshkar ki pathshaala…

Today I was studying! 🙂 yea really, and that too without the tension of any exam tomorrow. I study best when I’m under no tension of writing an exam.. I really like to understand some concepts without having to reproduce it on paper the next day…

So, as I said…today I was studying.. I was doing some Organizational Behaviour and came upon this Biases in decision making..i.e what all may hinder your decision making process.

While reading I came up with ways to remember these…

So here they are…with explanations 🙂

#1 Overconfidence bias.. yeh haath nahi hathoda hai.. agar kisi pe pad jaye, toh admi uthta nahi..uth jaata hai.. 😉

//A tendency to overestimate your performance and ability//

#2 Anchoring bias : pehli nazar me aisa jaado kar diya…tera ban baitha hai mera jiyaaa..

// A tendency to fixate on initial information//

#3 Confirmation Bias : Mujhe toh pehle se hi pata tha…

//A tendency to seek out information that reaffirms past choices//

#4 Availability bias : jo dikta hai woh lagta hai ki hai…jo nahi dikhta woh lagta hai ki nahi hai..par kabhi kabhi to dikhta hai woh hota nahi ..aur jo nahi dikhta …wohi hota hai..

// A tendency of people to base their judgements on information that is readily available to them//

#5 Escalation of commitment : Ek baar jo maine commitment de di…fir mein apne aap ki bhi nahi sunta.. 😉

//An increased commitment to a previous decision in spite of negative information//

#6 Randomness error :Beta..yeh lo gaajar ka halwa..mujhe pata tha yeh naukri tumhe hi milegi

// The tendency of individuals to believe that they can predict the outcome of random events//

#7 Winners curse : Kuch paane ke liye kuch khona padta hai

//A decision making dictum which argues that the winning participants in an auction typically pay too much for the winning item//

#8 Hindsight bias : Bapuji!! main na kehti thi…iss ladki ke lakshan kuch theek nahi..

// A tendency to believe falsely, after an outcome of an event is actually known, that one would have accurately predicted that outcome//

Hope you will never forget them now! I know I wont! 🙂

HAPPY STUDYING TO YOU ALL!!  🙂

Abha Deshkar

20/11/2010