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Human Decision Making and its Biases

Fractal Analytics

This course discusses the biases and limitations of the human brain ,strategies to overcome these biases, and critically analyzes data while making decisions and recommendations.

Analyzing data effectively and objectively is a long journey and the first step is to be aware of these biases, prejudices and perceptions.

By the end of this course, you would develop a deep understanding of the biases that affect human decision making and the methodologies to apply in countering these biases. You will also be equipped with frameworks for effective decision-making.

Enroll in this course to uncover the intricacies of human decision making and embark on an exploration of human decision making. No previous experience required

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What's inside

Syllabus

Why Decision Making is Hard

Perceptions, prejudices, and biases greatly impact human decision making. These factors influence how we interpret information and can lead to errors in judgment. When presented with data, humans tend to selectively process it based on their existing beliefs, resulting in biased decision making. Overcoming these challenges is essential for making better decisions. By recognizing the need for assistance and utilizing tools to mitigate biases, individuals can improve their decision-making abilities and make more informed choices.

Data in Decision Making

This module equips the learner with knowledge on how data which is available and unavailable affects our decision making. Further it provides information on how algorithms can help decode some of this data making decision making easier

Group Decision Making - Perceptions, Prejudices and Biases

This module takes 12 Angry Men as a case study due to its focus on diverse perspectives, logical analysis, and group dynamics influencing a jury's verdict, highlighting biases and critical thinking.

Group Decision Making - Role of Context, Hierarchy and Emotional Dynamics

This module empowers learners by providing knowledge about responsible decision making and giving them with a personalized mental checklist for enhanced decision-making capabilities.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Appeals to a broad audience as it does not assume prior experience or knowledge

Introduces students to biases that hinder decision-making, empowering them to make more informed choices

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Human Decision Making and its Biases with these activities:

Read 'Thinking, Fast and Slow' by Daniel Kahneman

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Deepen your understanding of cognitive biases and decision-making processes by delving into Daniel Kahneman's seminal work.

View Noise: A Flaw in Human Judgment on Amazon

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Read and reflect on the key concepts presented in the book.
Identify biases discussed in the book and relate them to real-life scenarios.
Apply the principles of behavioral economics to improve decision-making.

Read 'The Undoing Project' by Michael Lewis

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Gain insights into the history and evolution of behavioral economics and cognitive biases through Michael Lewis' engaging narrative.

View Going Infinite: The Rise and Fall of a New... on Amazon

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Read and reflect on the key concepts presented in the book.
Identify the biases discussed in the book and their implications for decision-making.
Consider how the insights gained from the book can be applied to your own decision-making processes.

Explore online tutorials on cognitive biases and their impact on decision-making

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Enhance your knowledge of cognitive biases and their impact on decision-making by engaging with informative online tutorials.

Browse courses on Cognitive Biases

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Identify reputable online resources and tutorials.
Review the tutorials to gain insights into cognitive biases.
Apply the concepts learned to real-life decision-making situations.

Four other activities

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Organize and review course materials

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Stay organized and improve your understanding of course concepts by compiling and reviewing notes, assignments, and other materials.

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Gather and organize notes, assignments, and other course materials.
Review the materials regularly to reinforce learning.
Identify areas where further clarification is needed.

Practice using the Bayes' theorem

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Ground your understanding of the Bayes' theorem with practice drills to enhance your data analysis and decision-making abilities.

Browse courses on Bayes' Theorem

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Review the fundamental principles of probability.
Study various applications of Bayes' theorem.
Solve practice problems involving Bayes' theorem.

Participate in a group decision-making project

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Experience the dynamics of group decision-making by actively participating in a project that involves diverse perspectives and viewpoints.

Browse courses on Communication

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Join a group of peers working on a decision-making project.
Contribute your ideas and perspectives to the group discussions.
Work together to analyze data and identify potential biases.
Reach a consensus on a decision and develop a plan of action.
Reflect on your experiences and identify areas for improvement in group decision-making.

Develop a decision-making framework for a specific business case

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Test your decision-making skills by applying them to a real-world business case and creating a comprehensive framework to guide your analysis.

Browse courses on Decision-Making

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Identify a specific business case to work on.
Gather relevant data and information.
Analyze the data and identify potential biases.
Develop a decision-making framework.
Present your framework and recommendations to stakeholders.

Career center

Learners who complete Human Decision Making and its Biases will develop knowledge and skills that may be useful to these careers:

Data Scientist

Data Scientists use their knowledge of data, data science, and machine learning to solve business problems. This course may be useful for Data Scientists because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Data Scientists make better decisions, and improve their ability to develop and deploy machine learning models.

See salaries and explore the career path for Data Scientist

Data Analyst

Data Analysts use their understanding of data, data analysis, and statistical techniques to improve business outcomes. This course may be useful for Data Analysts because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Data Analysts make better decisions, and improve their ability to present data and insights to stakeholders.

See salaries and explore the career path for Data Analyst

Management Consultant

Management Consultants use their knowledge of business and data to help organizations improve their performance. This course may be useful for Management Consultants because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Management Consultants make better decisions, and improve their ability to advise clients.

See salaries and explore the career path for Management Consultant

Business Analyst

Business Analysts use their understanding of business and data to improve business outcomes. This course may be useful for Business Analysts because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Business Analysts make better decisions, and improve their ability to analyze data and provide insights to stakeholders.

See salaries and explore the career path for Business Analyst

Product Manager

Product Managers use their understanding of customers and data to develop and launch new products. This course may be useful for Product Managers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Product Managers make better decisions, and improve their ability to develop products that meet the needs of customers.

See salaries and explore the career path for Product Manager

Marketing Manager

Marketing Managers use their understanding of customers and data to develop and execute marketing campaigns. This course may be useful for Marketing Managers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Marketing Managers make better decisions, and improve their ability to develop marketing campaigns that are effective at reaching and persuading customers.

See salaries and explore the career path for Marketing Manager

Sales Manager

Sales Managers use their understanding of customers and data to develop and execute sales strategies. This course may be useful for Sales Managers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Sales Managers make better decisions, and improve their ability to develop sales strategies that are effective at closing deals.

See salaries and explore the career path for Sales Manager

Human Resources Manager

Human Resources Managers use their understanding of people and data to manage and develop employees. This course may be useful for Human Resources Managers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Human Resources Managers make better decisions, and improve their ability to manage and develop employees.

See salaries and explore the career path for Human Resources Manager

Behaviorist

Behaviorists use their understanding of human behavior to design and implement programs to change behavior. This course may be useful for Behaviorists because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Behaviorists make better decisions, and improve their ability to design and implement programs to change behavior.

See salaries and explore the career path for Behaviorist

Financial Analyst

Financial Analysts use their understanding of finance and data to analyze and make recommendations on investments. This course may be useful for Financial Analysts because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Financial Analysts make better decisions, and improve their ability to analyze and make recommendations on investments.

See salaries and explore the career path for Financial Analyst

Operations Manager

Operations Managers use their understanding of business and data to improve the efficiency and effectiveness of operations. This course may be useful for Operations Managers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Operations Managers make better decisions, and improve their ability to manage and improve operations.

See salaries and explore the career path for Operations Manager

Policy Analyst

Policy Analysts use their understanding of policy and data to analyze and make recommendations on policy. This course may be useful for Policy Analysts because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Policy Analysts make better decisions, and improve their ability to analyze and make recommendations on policy.

See salaries and explore the career path for Policy Analyst

Cognitive Psychologist

Cognitive Psychologists use their understanding of how the human mind works to study and improve human cognition. This course may be useful for Cognitive Psychologists because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Cognitive Psychologists make better decisions, and improve their ability to study and improve human cognition.

See salaries and explore the career path for Cognitive Psychologist

Educational Psychologist

Educational Psychologists use their understanding of how people learn to design and implement educational programs. This course may be useful for Educational Psychologists because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help Educational Psychologists make better decisions, and improve their ability to design and implement educational programs.

See salaries and explore the career path for Educational Psychologist

User Experience Researcher

User Experience Researchers use their understanding of users and data to design and improve user experiences. This course may be useful for User Experience Researchers because it can help them learn about the biases that affect human decision making, and how to overcome these biases. This can help User Experience Researchers make better decisions, and improve their ability to design and improve user experiences.

See salaries and explore the career path for User Experience Researcher

Reading list

We've selected 15 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Human Decision Making and its Biases.

Noise

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Explores the two systems of thinking, providing a comprehensive framework for understanding human decision-making and biases.

Human Decision Making and its Biases

What's inside

Syllabus

Good to know

Save this course

Activities

Career center

Reading list

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