Step 1: Research
One of the poorest decisions made in business history was the launch of New Coke by Coca Cola. One of the poorest personal decisions was Lance Armstrong’s decision to cheat with performance enhancing drugs. Carefully research each decision. Be sure to collect information as how, why and what decision was made. Make sure to learn all the parties involved in the decision and the bias the affected the decision.
Once you have gathered the research, follow the steps below:
Step 2: Introduction
Step 3: The Decision and Associated Biases
A)To provide ease of reading, discuss one decision under one heading and then discuss the second decision under another heading;
B) In a paragraph for each decision, identify the decision made, summarize the factors that led to how and why the decision was made. Make sure to capture the main points related to the decision explaining in detail why and how each bad decision was made. Provide support using the course material and research for the reasoning and conclusions made;
Using the research material, identify and discuss the parties to the decision, the bias they displayed and use facts to show how their bias influenced the decision made. Address these points in your answer.
C) Define each of the identified biases. In identifying the biases, choose only from the list below. Note that every bias in the list might not be applicable to either bad decision; Recency bias; Rationalization; Status quo bias; Confirmation bias; Anchoring Bias; Overconfidence bias; Availability Heuristic bias; Emotional bias; Stereotyping bias, bandwagon, selective perception, choice supportive bias;
D) Explain how the identified bias(es) influenced the decisions using the facts collected in the research;
E) Explain the reasoning for the selection of the biases and what led to the conclusion that these particular biases were at play;