PART ONE: ANSWER THE FOLLOWING QUESTIONS AT LEAST 150 WORDS. Can you think of an example in your own life where cognitive biases resulted in you making a poor decision? How might that mistake have...

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PART ONE: ANSWER THE FOLLOWING QUESTIONS AT LEAST 150 WORDS.

  1. Can you think of an example in your own life where cognitive biases resulted in you making a poor decision? How might that mistake have been avoided?

  2. Pick the current or a past president of the United States and evaluate his performance against the leadership characteristics discussed in the text. On the basis of this comparison, do you think that the president was/is a good strategic leader? Why or why not?

  3. How are EQ skills visible in current events today? Discuss politicians, celebrities, athletes, etc.

PART TWO 100 WORDSPERSONAL FINANCE


No Budget, No Plan: Tyler Bought a Boat!


Tyler, 28, has a good job as a sales representative. He’s always found budgeting boring and has been intending to start a financial plan for years.


Recently, Tyler went fishing with some friends on a rented boat and had a great time. He sopped at a boat sale on his way home. Before he knew it, a salesman had convinced Tyler that the sale was just too good to pass up. So, Tyler ought a $10,000 boat and financed 80% of the cost for the next 5 years. He now finds himself relying on his credit card to get by each month.


What if Tyler had kept track of his money, used a budget, and had a set of financial goals? Knowing where his money went and having a financial plan would have increased the chance that Tyler would have made a more deliberate, informed financial decision.


The above scenario is from "Impact of Personal Choices" page 52 of class textbook. What do you think of Tyler's decision? How could he have made a more informed decision? What does your textbook suggest that Tyler do now? Find another source that can help Tyler. Cite your source.MORE THAN YOUR OPINION!!
Answered Same DayJul 06, 2021

Answer To: PART ONE: ANSWER THE FOLLOWING QUESTIONS AT LEAST 150 WORDS. Can you think of an example in your own...

Parul answered on Jul 06 2021
140 Votes
Part One
Ans1. Cognitive bias is a higher-level umbrella concept that points the systematic error in which the information is framed that influence individuals decisions and judgment. Like ot
hers, I also have fallen in trap on cognitive biases where I had applied mental shortcuts to interpret a situation that lead me to take few decisions which were disastrous and I regret relying on cognitive biases to become the foundation of my decision. One example that immediately clicks to my mind is when I was working with James Doyle who was African American, he was my team member and we were given project to complete. Other colleagues of mine had informed me that he is short-tempered and aggressive who never value different perspectives to produce solutions that are non-traditional. This anchored in my mind that forbid me to put in my best in the project or establish good working relation with James. This initial piece of information had colored my thinking about James and never allowed me to understand his strengths, weakness and behavior in general. It was only after project was at its end; I realized that James is talented individual who is focused at work and very down to earth. I feel guilty that all this time I never allowed myself to comprehend James for who he really was rather basing my judgement on other opinion. If I didn’t focused on other's perception about James then probably I would have enjoyed working with him and in the process would have learnt many new things in the process. Besides, my contribution in the project wasn’t 100% since I was constantly conflicted with James that resulted in suboptimal outcome in the project relative to what could have been magnificent.
Ans2. I have evaluated the performance of current President, Donald Trump with respect to the leadership traits learnt in the class. As explained in the class one of the most essential aspect of leadership is to apply...
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