Probability Matching
A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome.
202 topics found for
“decision support”
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.
Sunk Cost Fallacy
The tendency for individuals to continue a behavior or endeavor as a result of previously invested resources (time, money, or effort) rather than future potential benefits.
Cost-Benefit
An analysis comparing the costs and benefits of a decision or project to determine its feasibility and value.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Opportunity Cost Neglect
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions.
Naive Allocation
A heuristic where individuals evenly distribute resources across all options, regardless of their specific needs or potential.
Fist To Five
A consensus-building technique where participants show their level of agreement or support by raising zero to five fingers.
Dual Self Model
A behavioral economics model that explains decision-making as a conflict between a present-oriented "doer" and a future-oriented "planner".