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It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. [3] Usually, both of these types of knowledge, tacit and explicit, are used together in the decision-making process.
Choice-supportive memory distortion is thought to occur during the time of memory retrieval and was the result of the belief that, "I chose this option, therefore it must have been the better option." [5] Essentially, after a choice is made people tend to adjust their attitudes to be consistent with, the decision they have already made.
However, they also present a number of liabilities to decision-making, such as requiring more time to make choices and by consequence rushing to a low-quality agreement in order to be timely. Some issues are also so simple that a group decision-making process leads to too many cooks in the kitchen: for such trivial issues, having a group make ...
Hyperbolic discounting leads to choices that are inconsistent over time—people make choices today that their future selves would prefer not to have made, despite using the same reasoning. [52] Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food ...
Knowledge-based decision making model [1] Knowledge-Based Decision-Making (KBDM) in management is a decision-making process [2] that uses predetermined criteria to measure and ensure the optimal outcome for a specific topic. KBDM is used to make decisions by establishing a thought process and reasoning behind a decision. [3]
Another proposal is that people show confirmation bias because they are pragmatically assessing the costs of being wrong rather than investigating in a neutral, scientific way. Flawed decisions due to confirmation bias have been found in a wide range of political, organizational, financial and scientific contexts.
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Despite this, more choices result with more dissatisfaction and regret in decisions. [3] The feeling of responsibility causes cognitive dissonance when presented with large array situations. [5] In this situation, cognitive dissonance results when there is a mental difference between the choice made and the choice that should have been made.