How to Minimize Biases and Increase Objective Decision Making

User Generated

agigka

Business Finance

MGT 362

Description

Data analysis is about using information and knowledge to make decisions. Although it can be presumed that the data is objective, it is possible to skew results due to heuristic errors and biases.

Identify three biases that can influence the outcome of an analysis.

Explain what they are and how they arise.

Provide suggestions on how each bias can be minimized or overcome.

Write a 1,050- to 1,400-word paper, using a minimum of two peer reviewed sources.

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Explanation & Answer

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Running Head: Decision making bias

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HOW TO MINIMIZE BIASES AND INCREASE OBJECTIVE DECISION MAKING
Name
Institution

Decision making bias

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How to Minimize Biases and Increase Objective Decision Making
Introduction
The term bias denotes systematic error and these terms can as well be used alternatively.
Primarily, bias denotes the disparity that exists between results of specific measurements and its
unknown exact and true value. This difference can either be eliminated via calibration or even
estimated. Biases are one of the most significant factors that can impact the outcome of an
analysis negatively. There are many sources of biases ranging from lack of gauge resolution to
hysteresis (Doty & Glick, 2008). Data analysis entails the collection and organization of data to
derive information from it. Therefore, when bias arises the user can never make good use of the
information at hand. This makes the user invest in other strategies of bias correction to prevent
negative consequences. It is hard to make decisions when using biased data as it often leads to
skewed results which can never be applicable (Doty & Glick, 2008). Therefore, it is clear that
biases can negatively influence the outcome of an analysis and this paper focuses on three biases
that can influence the outcome of an ...


Anonymous
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