Assignment 1 DDM Essay

Submitted By stevenmajoor
Words: 2904
Pages: 12

Table of content

Introduction 2
My opinion about decision making 2
Outcome of the Myers Briggs test 2-3
A phase in my life with cognitive biases 3-5
Conclusion 5
Reference list 6

In this essay, I am going to reflect and analyse how my process of decision making looks like. This paper is split up into four parts. The first section is my opinion on how I see decision making. The second part will treat the Myers Briggs test. It is an analysis of the outcome and it will focus on my profile, containing a short description of the categories and what it means for me under uncertainty. Furthermore, it will consist of what it will mean for me when dealing with conflict. What is my favourite approach?
The third section part describes a phase in the past of my life and how cognitive biases played a part in them. I will reflect on these biases related to myself. What sort of biases were they, how were they connected and what was their potential impact and mitigation?
Finally, the conclusion will provide a short summary of the essay, containing a short and comprehensive overview of the key information.
My opinion about decision making
I see decision making as the process of picking the most logical option from the available choices. Many factors have to be considered, such as difficulty, short term/long term effects, costs, time aspects etc. Each option has positive and negative aspects, the one that comes out best of this comparison is likely to be the best decision. My view of decision making comes close to the expected utility theory. It means that choices are made by weighing outcomes (gains or losses) of actions by their probabilities (Kahneman, 2011).
How do I prefer to make a decision? In The Netherlands we are famous for our ‘’polder model’’. It means that, in general, Dutch people are conferring and deliberating when having to take a decision. They are sticking too long with their System 2: striving for consensus and a unanimous agreement. A cascade of activity turns up, people’s ideas trigger other ideas, causing a surplus of options. I believe this results in a too slow decision making process. Based on Kahneman in Thinking, Fast and Slow ‘’every significant choice in life comes with uncertainty’’ (2011 p.270). More viewings are not a guarantee for a better decision. I desire a fast decision making process, in which vigorousness plays a key role. Collect the required information, filter it and make a resolute decision. A balance of input from System 1, which does the fast thinking, and System 2, which is more deliberate and effortful, is the best way of decision making. It results in pioneers, it is efficient and can make enterprises move forward. Not too many people should be involved in the process. The top of the firm should inform the employees what and why a decision has been made, ask for input, without giving them too much influence. Regarding that, I consider myself as a fictitious Human. According to Kahneman (2011), Humans act more in the real world, whilst Econs live in the land of theory.
Outcome of the Myers Briggs test
The outcome of the Myers Briggs test shows that I have marginal or no preference of extraversion over introversion. I consider myself both. I need sufficient ‘’alone time’’and make my decisions by processing them internally. On the other hand, I am action-oriented and an after thinker instead of a fore thinker. I have moderate preference of sensing over intuition. I focus on practical reality instead of patterns and expectations and prefer learned skills over adding new ones. Furthermore, I have marginal or no preference of thinking over feeling.
I do have a big preference of judging over perceiving. That is in line with how I see the decision making process. I work best according to a structure and a plan, I do not postpone decisions and dislike interrupting projects. I fully focus on my current job, which is why I can sometimes forget about new things that have to be done. I am