Essay About Cognitive Biases And Business Case

Internship
Essay Preview: Internship
Report this essay
Introduction to Data AnalyticsExam Structure4 partsA) 10 points) one question you have to answer 10points. common heuristic, biases, research design, the way you design the data to get the information that you need. Fill in the blank – explain why you have chosen that. Hypothetical question that you need background to answerThink like an analyst. B) 25 points: answer one of 2 questions: these 2 questions are on the more analytical side of the content that we did. People, organisation, business – technical content.Define some things, then you apply them to a business case that you receive is on MoneyBall.Think about watching the Movie. Think about Network Analytics, Cognitive Biases, Challenges of adopting something radically different. How you make a case for it. How you overcome resistance to it. Pick teams that will win with the budgetDifferent ways of thinking about Idea of using statistics and quantitative data to get information that you have. You can use this to apply to many situations, not just sports, but life and businesses as well. Opportunities and obstacles Baseball scouts would be previous playersWhat people think looks like – operating qualitative mdoe. You might overlook usain bolt. THINK ABOUT WHAT HAPPENS IN MONEYBALL, AND HOW TO APPLY IT TO AN ORGANISATION, AND YOU WILL BE GOOD FOR THE EXAM.Think like an analyst. C) Qualitative (25points)Think about the challenges of how moneyball in getting it accepted in a particular organisation, how to get it to use, qualitative. Culture, ethics, difficult conversations, pick one of those three. 25 pointsAddress all parts of the question completely.DEFINITIONS of concepts Start using then to address the parts of the question.Not unnecessary to use case studies to support the case, but if it helps you to be clear, you can use it. Interested in the ideas and how you apply to it to the case you are receiving. Essay formatThe clearer your outline, the less you write, well organise, direct to the point, use formatting, heading, bullet points to structure your thinking – if you can do that, you know what you want to tell. Part D) 40points. Apply what you have learnt generally to a case of using ideas like Moneyball in a business problem that will be shown in the exam. There are three parts to this question. Think more like a business person, use creativity. Material of what is relevantSession 3 – tough calls and cognitive biases – heuristics – ChallengerOur brain simplifies the world to help us get along.When this is applied to decision making, this works against getting the outcome that we are after. Cognitive heuristics, cognitive biases, these things moves us away from the rational. If the right answer is a rational answer, then heuristics leads us astray. You’ll need to know how to define this in your own way.Discussion of Cognitive biases: be familiar with different cognitive biases and heuristics and when they are relevantProspect theory – framing – switching something from being a loss or a gain – loss aversion – people are more risk seeking – when people are going for a gain, they are risk adverse.Whether we are explaining things for ourselves, explaining decisions of our lives we use information of our lives. When we explain other people’s decision, we can only use limited information we have about their lives. Egocentric bias – makes us think that we are better than other people, makes us think that the odds of us succeeding is better than other people even though it is not so. Coin toss vs doing better on a test. Irrational explanation of confidence. Threat rigidity – things that happens with organisation. When things are bad, they use past information and experience, rather than responding to the situation now.We rather use facts at hand when things are difficult to find out aboutAnchoringKnow how to work around these biases individually, and socially as well. Socially, it helps us not fall into traps, ask your friend, and asking person who is not your friend – think about asking for different perspectives so that you won’t get stuck in the mud. Rational base line in decision making – we are subjective expected utility maximisers, we have preferences and we want to maximise that. Biases appear when we violate our own preferences. Being rational about subjective rational decisionsNetworksNetworks, moneyball, team selection, putting a team together when people have different role. What you want to do is to get people who are the best in their roles, and don’t work well together. How do you think about the kinds of data, network effects whether they matter or not in a team? If they are not, how will you know? Think creatively about research design and the problem. Asking you to go beyond what we covered in classPeople have different motivations of how they pick people. Depends on the kind of network you are looking at.At our class – there are not many clustering. LOOK AT THE TOPOLOGY THAT YOU ARE LOOKING AT, THEN LOOK AT THE DEFINTIONS AND MEASURES THAT YOU ARE GOING TO USE, BECAUSE IT IS based on the topology. Predictive policing & cultureCulture is a set of assumptions, beliefs and …Problem with persistence: culture tends to stick around, and it is difficult to change, flip side is that it gives us the opportunity to delegate with more control.CAT & MICE example lol.Paths that we are used to treading, and we might stick to them, even though they are not the best paths to take. Reference the case study, understand the study ILLEGAL vs ETHICAL – if you can do it, should you? When there aren’t guides to do it, should you or should you not do? Things will eventually comeMORE FOR LIFE THAN THE EXAM. Nice.Employment model framework is valuable to know for the exam. Defining the situation is a powerful thing. If you can give people a way to understand a situation that they are in, that is different from a way of what they understand, redefinition of the problem for people is very very helpful for people. Culture isn’t something you can change, but is something you can change through reframing the problem/situation so that you can get people to behave & respond differently. Getting people to change. Session 6  Ask him about itSession 7: having difficult conversationsEmployment modelsStanford project with emerging companies bringing 4 different approaches & transactions – stuff is useful to know.You’re in a business school. Give your decision at the end. Show sophistication of thinking. An explain why you choose what you do.