Judgment and Decision-Making

Topics: Risk, Decision making, Decision theory Pages: 8 (2595 words) Published: August 27, 2014
Judgement and Decision Making

Table of Contents
Abstract: Article 1…………………………………………………………………………….3 Table of Contents2
Article 13
Abstract: Readings 1.3 Jackall, R. (1988), ‘Looking up and looking around’.3 Practical Experience3
Article 24
Abstract: Reading 2.2, Kahneman, D. and Tvesky, A. (1984), ‘Choices, values, and frames’.4 Practical Experience4
Article 35
Practical Experience6
Article 46
Abstract: Reading 5.1. Jungermann, H. (1983) ‘The two camps on rationality’.6 Practical Experience7
Article 57
Abstract: Reading 4.3. ‘Theories of Risk perception: Who fears what and why?’7 Practical Experience8
‘Theories of Risk perception: Who fears what and why?’8 Jackall, R. (1988), ‘Looking up and looking around’.8

Article 1
Abstract: Readings 1.3 Jackall, R. (1988), ‘Looking up and looking around’. In this article “Jackall” gives more emphasis on managerial model that has the super-ordinate ability to make conclusion or decision. He says that in the organisation when any important decision has to be taken for the organisations benefit for example immense amount of money transaction. These types of decisions are made by the top authorities of the organisation. After making this decision if any bloomer is investigated than he tries to defend himself and target others. The top authority do not want to take the duty of wrong decision on himself but want to blame on others and make this mortal decision as a result of a radical decision. This type of concept is called “Looking Up and Looking Around” (LULA). This is not the case of deficiency or lack of experience of a decision maker but only because of frighten of an unsuccessful person this mortal decision becomes the result of radical decision.

In any form of organisation if important decision is to be taken, then it is good to have more number of people so that if any bloomer is investigated than it is divided among all & it makes easier to find the base of the mistakes committed.

There are many types of blames which involves the conveyance of one to other. First of all there are some guys called “Fall Guys” who takes the blame or responsibility of failure decision on themselves. Secondly, there are some people called “Scape-Goat” which are bingle out from the organisation for not deserving the blame. When a person is hired & he does not know that the person who was there previously in his place had made mistake & his mistake is blamed on him.

After looking at all of this “Jackall” says that the key concept is to make effort to protect yourself & try to protect the other group from suffer of the blame instead of accepting the bloomer perpetrated.

Practical Experience
In February I got a job in DHL warehouse where my work was to do receiving and pick packing. After two months there was a barbeque and dance party for all the employees of DHL including Head of the Department. Work was divided among each person and in the end all came with their budget and expense and the expense was more than the budget. All the excess expense were paid by the committee member and in the end when rap time came all were mum and they started incriminating to our new general manager. He bends out to be a “Fall Guy”. After that the whole committee member checked the account details and fund for the last year and came to know that the previous manager took out some money from the fund and commence us with a few embark on money. This is the complete illustration of outrunning your error and putting blame on your succeeder i.e. “Scape-Goat”.

Article 2
Abstract: Reading 2.2, Kahneman, D. and Tvesky, A. (1984), ‘Choices, values, and frames’.

The article analyses the cognitive as well as psychophysical factors which help in finding out the value of the risky prospects. This article mainly challenges both theoretically as well as empirically the classical utility theory. This article...

References: Bernoulli, D. (1954) 'Exposition of a new Theory on the measurement of risk ', Econometrica, vol. 22, pp. 23-36.
Fischhoff, B., Slovic, P. and Lichtenstein, S. (1980) Knowing What You Want: Measuring Labile Values, Cambridge: Cambridge University Press.
Jungermann, H. (1983) The Two Camps on Rationality, Germany: Elsevier SCience Publishers.
Kahneman, D. and Tvesky, A. (1984) 'Choices, values, and frames ', American Psychologist, vol. 39, no. 4, pp. 341-350.
‘Theories of Risk perception: Who fears what and why?’
Jackall, R. (1988), ‘Looking up and looking around’.
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