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Heuristics in Decision Making
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Heuristics in Decision Making

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Questions and Answers

What is a key limitation of the Elimination by Aspect (EBA) method?

  • It can be difficult to explain and justify.
  • It eliminates options based only on one feature. (correct)
  • It requires complex arithmetic calculations.
  • It ensures that all alternatives retained are superior.

    • What is the primary reason for stopping the search process in Satisficing?

  • A predefined aspiration is met by the alternative. (correct)
  • The selected alternative must be the best available option.
  • Cost is the only factor considered in the decision.
  • The search continues until all alternatives are evaluated.

    • Which of the following is NOT a characteristic of the Elimination by Aspect (EBA) method?

  • It is easy to apply.
  • It can justify the elimination process.
  • It may not ensure superior alternatives are retained.
  • It involves multiple complicated computations. (correct)

    • Why might a person choose to use Satisficing in decision making?

    <p>To limit the amount of time spent on decision making.</p> Signup and view all the answers

    In the context of the EBA method, which option would be eliminated first based on quality?

    <p>Option A due to its low quality.</p> Signup and view all the answers

    Which destination has the highest cost per day considering the total duration and cost?

    <p>Canary Isles</p> Signup and view all the answers

    Which option represents a destination where self-catering is available?

    <p>Greece</p> Signup and view all the answers

    Which destination requires the longest walking time to the beach?

    <p>Florida</p> Signup and view all the answers

    What total additional cost is assumed for a better alternative from the cheapest package?

    <p>$150</p> Signup and view all the answers

    Which destination offers the shortest duration for the lowest cost?

    <p>Canada</p> Signup and view all the answers

    What does the minimalist strategy involve when an option is not recognized?

    <p>Guessing which is the best option</p> Signup and view all the answers

    When using the lexicographic strategy, what determines the selection of an option?

    <p>The most important attribute of the options</p> Signup and view all the answers

    In the lexicographic decision-making process, what happens if two options are tied on the most important attribute?

    <p>The next most important attribute is evaluated</p> Signup and view all the answers

    What characteristic defines the 'Take the Last' heuristic?

    <p>Utilizing the last chosen attribute when making a decision</p> Signup and view all the answers

    Which of the following statements best describes the recognition heuristic?

    <p>Recognition of options is a deciding factor in choices</p> Signup and view all the answers

    Which attribute is prioritized when the lexicographic strategy is used?

    <p>The cheapest price</p> Signup and view all the answers

    What occurs if none of the previously used attributes work in the 'Take the Last' approach?

    <p>A random attribute from all options is tried</p> Signup and view all the answers

    How does the minimalist strategy handle decisions when options are recognized?

    <p>It randomly selects between recognized attributes</p> Signup and view all the answers

    What is a heuristic primarily used for?

    <p>To rapidly lead to a solution when comprehensive analysis is impractical</p> Signup and view all the answers

    Which holiday option meets the criteria of costing no more than $1500 and having a maximum walking time to the beach of 5 minutes?

    <p>Greece</p> Signup and view all the answers

    In what situation is it most appropriate to use heuristics?

    <p>When one needs to make a quick decision with low stakes</p> Signup and view all the answers

    Which of the following options is a self-catering holiday that meets the duration requirement of at least 10 days?

    <p>Spain</p> Signup and view all the answers

    What best describes recognition heuristics?

    <p>Selecting a recognized option over an unfamiliar one, regardless of quality</p> Signup and view all the answers

    What is the maximum amount that the holiday can cost based on the given criteria?

    <p>$1500</p> Signup and view all the answers

    Which of the following is NOT a condition that necessitates using heuristics?

    <p>All relevant alternatives and consequences are known</p> Signup and view all the answers

    Which of the following best illustrates a minimalist strategy in decision-making?

    <p>Utilizing basic criteria to simplify complex choices</p> Signup and view all the answers

    Which holiday has the shortest walking time to the beach?

    <p>Greece</p> Signup and view all the answers

    What is a common characteristic of heuristics?

    <p>They often rely on intuitive judgments and educated guesses.</p> Signup and view all the answers

    Which of the following holidays is not self-catering and has a walking time to the beach longer than 5 minutes?

    <p>Florida</p> Signup and view all the answers

    Which holiday options last longer than 10 days but do not meet the cost criterion of being less than or equal to $1500?

    <p>Canary Isles</p> Signup and view all the answers

    What kind of decisions do heuristics help to facilitate?

    <p>Decisions made under time constraints with incomplete information</p> Signup and view all the answers

    Which airline choice represents the application of heuristics in decision-making for the Youth Program representation?

    <p>Air France</p> Signup and view all the answers

    According to the criteria, which trip cannot be selected due to being self-catering?

    <p>Barbados</p> Signup and view all the answers

    Which holiday option is available for the shortest duration?

    <p>California</p> Signup and view all the answers

    Study Notes

    What is Heuristics?

    • A method commonly used to help solve problems.
    • It is often informal and leads to a solution quickly.
    • Heuristics consist of rules, guesses, judgments and intuition.

    When You Need Heuristics

    • Not all alternatives, consequences, and probabilities are known.
    • Requires a quick decision.
    • Consequences are not severe.
    • Decision does not need to be defended to others.

    Recognition Heuristic

    • Example: Which city has more inhabitants: Bogor City or Grobogan Regency?
    • If one city is recognized and the other is not, the recognized option is chosen.

    Minimalist Strategy 

    • The decision-maker first applies the recognition heuristic.
    • If neither option is recognized, the decision-maker will guess which is the best option.
    • If both options are recognized, the person will randomly pick an attribute to differentiate the options.
    • This process continues with attributes until a decision is made.

    Take the Last Heuristic

    • Similar to the minimalist heuristic but uses the attribute that enabled the previous decision.
    • If both options are equally good, use an attribute from the time before last.
    • If none of the attributes work, choose randomly.

    Lexicographic Strategy

    • Attributes can be ranked in order of importance.
    • The highest importance attribute is used to select the best option.

    Elimination by Aspects (EBA)

    • Eliminate alternatives based on criteria.
    • Eliminates choices that do not meet the criteria.

    Satisficing

    • Alternatives are chosen sequentially and the search stops when an alternative meets the aspiration.
    • The best option is not necessarily sought after.

    Case Description

    • A student is looking for a last-minute holiday.
    • She has a list of available destinations with details on cost, duration, self-catering, and walking time to the beach.

    Case Instructions

    • Use the provided information to explore how the student could apply the following strategies to make a decision:
      • Lexicographic
      • Semi-lexicographic
      • Satisficing
      • Elimination by aspects

    Additional Information

    • The student sets importance levels and cut-offs for each criteria.
    • The student will consider additional costs for a better option.

    Lexicographic Strategy

    • The student's most important criteria is cost, followed by walking time to the beach, duration, and self-catering.
    • Based on the cost, the student will likely consider Canada or California as the best option.

    Assumption

    • The student is willing to spend an extra $150 to get a better option.
    • This means that destinations like Barbados, Greece, Spain, turkey and Mexico are now also in consideration as their prices can be adjusted to under $1,500.

    Conclusion

    • Heuristics are useful for quick decision making when full information is not available. Different heuristics have different advantages and limitations. By applying different heuristics, the student can make a more informed decision regarding her holiday choice.

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    Related Documents

    Heuristics Tutorial PDF

    Description

    This quiz explores the concept of heuristics and their role in decision-making processes. It covers various heuristic strategies, including the recognition heuristic and minimalist strategy. Test your understanding of how heuristics can aid in quick decisions when not all information is available.

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