Organisational Behaviour

Natural Disasters and the Decisions that Follow Q1: Insurance companies in the state of Florida earned come in profits in 2006, suggesting that countrywides finding to cancel policies in light of the calm hurricane seasons (in Florida) in 2005-2007 may have cost the keep company potential revenue and customer goodwill. Do you intend Rommels quote to the highest degree making a \sound business finale\ reveals any perceptual or decision-making persuadees? Why or why not? Overconfidence stroke is identified as \the aim to overestimate the prob aptitude that whizzs judgment in arriving at a decision in objurgate\. Rommels quote about making a sound business decision\ reveals an overconfidence decision-making biases. Anchoring bias is \a tendency to fixate on initial information, and to then bring out to adjust adequately for subsequent information\. His decision in any case disclose an anchoring bias as it is look like that Nationwide did not take into consideration some information that others did. selective perception is \selectively interpreting what one sees on the basis of ones interests, background, experience and attitudes\. Rommels quote does reveal selective perception biases since they followed their experience interest which is, money. Q2: Review the section on common biases and hallucination in decision making.

For companies such as Nationwide, American Airlines, and JetBlue that mustiness respond to natural events, which of these biases and errors are pertinent and why? The starting signal error/bias that is relevant to Nationwide Insurance company is \overconfidence bias\ since they believed too much in their own ability to make good decision \A sound decision\. The warrant error/bias is \anchoring bias\ as they used the other(a) first received information for making a decision \All other companies made a good revenue\. The relevant error/bias regarding American Airline industry is \overconfidence bias\ since they overestimated that their judgment in arriving at a decision is correct when... If you want to get a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper