Reading Material: Hammond, D.C., Keeney, R. & Raiffa,H. 1998. The Hidden Traps in Decision Making”, Harvard Business Review, 76(5): 47-58.
For each trap identified, present a documented management situation.
The Anchoring Trap
- The Status-Quo Trap
- The Sunk-Cost Trap
- The Confirming-Evidence Trap
- The Framing Trap
- Estimating and Forecasting Traps: The Overconfidence Trap, The Prudence Trap, The Recallability Trap
For each trap identified, present a documented management situation. By documented is meant that, either this has transpired at your place of employment and you can cite a source in a Management position, you can find situational examples from the literature, or you search documented situations on google but make sure to cite your sources. Do NOT conduct an interview of a source to give you his/her interpretations of situations to fit each trap.
Each management example of a trap should be approximately a paragraph in length, well-developed, well-written, and adequately referenced to the source.
Note: There are 6 traps but sub-traps under #6. Provide a Works Cited page.