This discussion is based on the article, “The Hidden Traps in Decision Making” by Hammond, Keeney, and Raiffa from Harvard Business Review, which can be found in the Purdue Global Library. Make sure to read this article before starting the discussion.
Hammond, J. S., Keeney, R. L., & Raiffa, H. (2006, Jan.). The hidden traps in decision making. Harvard Business Review, 84(1), 118–126.
Learning how to perform analytics is only step one in the road to making correct decisions. There are many traps along the way that may lead you down the wrong path, even if you know which analytical methodology you need to use. In this article, the authors describe various psychological traps that you may encounter.
For this discussion, select one of these traps listed EXCEPT the sunk cost trap. Then, do the following:
Again, do not use the sunk cost trap.
In your replies to fellow classmates, look for similarities to your organization. If you have experienced similar events, comment on how your organization handled the situation.
Please use the format below for your answers so everyone can easily follow your answers to all the questions (copy and paste to your post; using the template below is part of the requirements- you will lose points if you don’t follow the template and skip portions of what is being asked).
What happened: Describe the event/situation.
Why it fits this trap: First, define the trap based on the description in the article. Then Explain why you think this situation fits the trap definition.
Recommendations: Describe how the situation can be identified in the future or what your organization should do to prevent falling into the trap again. These recommendations should be about preventing the decision trap, not about improving the business operations in general.