Common Biases and Judgment Errors in Decision Making


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question 1 of 3

Why is it important to consider common biases when making a decision?

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1. What type of bias relies too heavily on one piece of information in making a final decision?

2. All of the following are types of bias, EXCEPT for _____.

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About This Quiz & Worksheet

Both biases and judgement errors may affect a company's decision making, and this quiz/worksheet duo can help test your knowledge of the types of biases and their definitions.

Quiz & Worksheet Goals

In these assessments, you'll be tested on the following:

  • Choosing data selectively to support a decision
  • Bias that gives too much weight to one piece of information
  • Marketing and selling poor quality products due to large initial investments
  • Common biases

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related decision making lesson
  • Making connections - use your understanding of the concepts of common biases and judgement errors in connection with poor decision making
  • Defining key concepts - ensure that you can accurately define various types of biases

Additional Learning

For more details about decision making errors, review the corresponding lesson, Common Biases and Judgement Errors in Decision Making. The lesson fulfills these objectives:

  • Identify errors in decision making
  • Define common biases and judgement errors
  • Explain various types of biases
  • Explore examples of how biases affect business decisions
  • Define randomness and risk aversion errors