What is confirmation Bias? ⚫Confirmation bias is the tendency of people to favor information that confirms their existing beliefs ⚫Confirmation bias influences the way people translate information and decisions. Definition … Purchase answer to see full attachment

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Name: Responsibilities: Key Term to Be Defined: Big Data Example: Big retailers are using big data to understand consumer shopping habits Name: 1.Key Term to Be Defined: Key Word Example: 2.Business News Story relating to key term 3. Contribution to Written Report:??? Source: https://builtin.com/big-data/big-data-examplesapplications Group Video: “Integrating Ethics: Ethical Decision- Making “ https://www.youtube.com/watch?v=IwKCshmH7M&ab_channel=IntegratingEthics%3AFromThoughttoAction Contribution to Written Report: ???? Name: this is my part Name: 1.Key Term to Be Defined: Key Word Example: 1.Business News Story relating to key term 2. Contribution to Written Report:??? 3. Contribution to Written Report:??? Review and Edit PowerPoint presentation. Making sure it adheres to the following guidelines Chapter 7 Key Terms : 7.1 Decision ( Pg 240) Decision Making (Pg 240) Rational model of decision making ( Pg242) Problems (242) Opportunities (242 ) Diagnosis (242) Nonrational (244) models of decision making. Bounded rationality Satisficing model Intuition 7.2 Ethics officer A decision tree 7.3 Analytics Predictive modeling Big Data Big Data Analytics 7.4 Decision-making style 7.5 Heuristics Availability bias Representativeness bias Confirmation bias Sunk-cost bias Anchoring and adjustment bias Overconfidence bias Hindsight bias Framing bias Escalation of commitment bias 7.6 Groupthink Goal displacement Minority dissent Brainstorming Electronic brainstorming Devil’s advocacy Project post-mortem 7.7 My part 1) .Key Term to Be Defined: Key Word Example: Team Project The purpose of the team project is to (1) summarize the main points (lessons) from the assigned chapter and (2) meaningfully relate those lessons to real-world business events. Teams will present the following: (1) Select three key terms from the assigned chapter to define, summarize, and provide examples of said key terms. (2) Select two recent and relevant business news stories from business publications such as: The Wall Street Journal, The Financial Times, Business Week, The Economist, Fortune, Harvard Business Review, and Forbes to summarize and relate directly back to the key chapter terms you selected. Major newspapers, such as the Washington Post, New York Times, and Baltimore Business Journal can also be used. Your source(s) must be approved if not previously mentioned. Include 1 video clip that is recent, newsworthy, and relevant to support your presentation. (3) Be creative! Incorporate some sense of innovation and imagination to your team’s submission. (e.g. news report theme, game show, etc.) Paper A written report will be submitted that will reflect your content: summary of selected terms, relevant articles selected, and how each article relates to the assigned chapter/key terms. The report should be a Microsoft Word document, a cover page, 12 pt, Times New Roman font, and include headers/sub headers. All non-original work is to be cited (e.g., APA format). A digital copy must be submitted through Blackboard—1 per team. Presentation 10-minute minimum, 25-minute maximum. 20 words per slide. Prior to your presentation, please submit the following: copy of your presentation slides (6 slides per page) and link to your team’s presentation. Presenters will be evaluated for content, knowledge, and the conventions of oral presentation. Exemplary presentation content and knowledge are demonstrated by: • Fully presenting the pertinent information related to the topic(s), • Clearly developing and maintaining the central idea of the presentation, and • Properly employing course vocabulary and business concepts. Exemplary ‘conventions of oral presentation’ are demonstrated by: • Exhibiting a professional appearance, • Making direct eye contact with the audience, • Rarely looking at notes, • Maintaining fluid and relaxed movements, • Using clear diction and voice and correct pronunciation, • Conveying enthusiasm, and • Completing the presentation smoothly within the time allotted. 1 Confirmation Bias Student’s name Institution affiliation Instructor Course/number Due date 2 Confirmation Bias People embrace information that backs their beliefs and refuses any information that differs. Confirmation bias is the tendency of people to favor information that confirms their existing beliefs or hypothesis. People show bias when they remember information selectively and explain the information in a biased way. Confirmation bias is more where there are emotional issues and rooted beliefs. Confirmation bias comes in many ways, including biased search information where people look for evidence from one side to confirm their ideas and hypothesis. Biased interpretation is a type of confirmation bias where people translate information using their beliefs by assessing evidence differently to fit their notions. People do not change their beliefs even when presented with factual evidence because they interpret it differently. Biased memory is when people remember information selectively. People keep information confirming previous beliefs while conflicting evidence is not supported. In an article featured by Financial Times, “From Brexit to fake trade deals — the curse of confirmation bias,” the author writes about the uncritical reception of the story that the European Union had reached a trade agreement with Japan. It was a fake story, but people wanted it to be accurate, and the world gave attention to it. Human beings have a confirmation bias to process information, especially when there is a lot of information. Making unbiased decisions is a challenge because one would have to evaluate all information available hence people choose to look for information that they like and make conclusions (Münchau, 2017). The article “How Investors Suffer from Confirmation Bias” featured on Forbes highlights that confirmation bias has implications and influences how people translate information and decisions. Confirmation bias is used to protect self-esteem and maintain confidence. Such people 3 look for information that supports their current beliefs hence the decision on places to invest money. This bias hinders people from acquiring knowledge the right way. Examples of confirmation bias include social media, where information is presented according to what users want to see. People watch news that matches their beliefs and perspectives. People get information from sources to make biased conclusions. For instance, people with low esteem may use confirmation bias to assume someone does not like them if they do not reply to their text. 4 References Lazaroff, P. (2016). How Investors Suffer From Confirmation Bias. Forbes. https://www.forbes.com/sites/peterlazaroff/2016/09/28/confirmationbias/?sh=1b0a20a34b7d Münchau, W. (2017). From Brexit to fake trade deals — the curse of confirmation bias. Financial Times. https://www.ft.com/content/b7d68798-62fb-11e7-91a7-502f7ee26895 Confirmation Bias Students name Institution affiliation Course ⚫ What is confirmation Bias? ⚫Confirmation bias is the tendency of people to favor information that confirms their existing beliefs ⚫Confirmation bias influences the way people translate information and decisions. Definition …
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