(Mt) – Assessment 3–Individual Essay Writing

Attached.Running head: KEY CONCEPTS IN BIAS DECISIONKey Concepts in Bias DecisionStudent’s NameInstitutional AffiliationDate of Submission1KEY CONCEPTS IN BIAS DECISION2Key Concepts in Bias DecisionIndividuals need to take thoughtful actions in decision making that involve complexproblems. This concept is known as the heuristic approach to decision making. Heuristicdecision making does not follow given sets of regulations; hence, it’s a swift process ofdetermining results. However, under this concept, individuals may make judgmental choicessince they are prone to errors. Again, decision-making under the heuristic concept does not havea direct relationship with monetary value but relies on the behavior of the individuals to ensurethey benefit from the best choices they make. Simon consistently builds a theory of behaviorwhile explaining that emotions may be the main determinants of individual rational decisionmaking, as described in various levels of heuristic. Therefore, Herbert describes three discreteconcepts that he uses to explain the idea of bias decision making. According to Simon (1967),these concepts are bounded rationality, role behavior, and the availability heuristic.Bounded RationalityIn the attempts to explain the concept of decision making based on economic theory canbe solved by covering the decision-making concepts that include the distance between rationalityand human behavior. In real sense, it is a vital requirement for the individual to consider usingthe available alternative actions to enable them to make decisions that will lead to the best resultsin the firm. Moreover, the enactment of the bounded rationality principle does not require thespecification of role directives but should adopt the measures that favor the people and allowsthem to compete favorably in their capacity to solve problems. Hence, there is no recognition ofthe role of rationality in decision making by the entrepreneurs who consider the use of classismmodel of criticism. Instead of sticking these roles to a particular society, they emphasize on thespecific circumstance that inhibits to deliver their best results in the firm effectively.Individuals who make decisions based on problematic situations are able to rely on logicsthat use confirmed decision-making choices (Simon, 1967). Ind…

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