Judgement and decision making.

Decision making

The process of choosing between alternatives, selecting and rejecting available options.

Judgement

The process by which you form opinions, reach conclusions, and make critical evaluations of events and people. You often make judgments spontaneously, without prompting.

Judgemental person

Someone who often rushes to judgment without reason.

Main topic

Regret making a decision vs regret missing an opportunity

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Heuroistics

Mental shortcuts that allow people to solve problems and make judgments quickly and efficiently.

Anchoring Heuristic

Availability Heuristic

Representativeness Heuristic

Factors influencing decision making

Culture

Personality

Level of education

Information available

Context

Frame

The perspective from which a choice is described or framed affects how a decision is made and which option is chosen.

Framing effect

Decisions based on the framing effect are made by focusing on the way the information is presented instead of the information itself.

Judgment and decision making are interrelated processes.

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