MSIS 2103 EXAMS SCRIPT UPDATED QUESTIONS AND
SOLUTIONS RATED A+
✔✔Heuristics are - ✔✔qualitative methods that are experience based
✔✔insensitive to prior outcomes - ✔✔Your resume showed that you had been a top
performer in your current job for several years and the interviewer formed an opinion
based on whom you reminded him of
✔✔insensitivity to prior probabilities - ✔✔This bias comes from forming an opinion about
group membership based on information given and not using information about the prior
probability of group membership
✔✔law of small numbers - ✔✔says that any sample will have a distribution that is
representative of the population, regardless of sample size.
✔✔Insensitivity to predictability - ✔✔is a bias that is present when the prediction of a
future event is often made on representativeness or how the event is described.
✔✔illusion of validity - ✔✔produced by a good fit between the predicted outcome and
the input information.
✔✔availability heuristic - ✔✔is named because the probability of an occurrence is
based on the ease at which instances are brought to mind
✔✔Bias of imaginability - ✔✔a bias where sometimes one has to assess the frequency
of a class whose instances are not stored in memory, but can be generated according
to a given rule.
✔✔biased in the evaluation of conjunctive and disjunctive events - ✔✔Conjunctive
events are events that are related to other events
✔✔status quo - ✔✔Overall people tend to prefer the present state of affairs to change
✔✔one-reason decision-making - ✔✔People often times reduce decisions to one
reason and a reason that is important to them
✔✔You always take exams wearing the same shirt, because when you wear that shirt
you make a good grade on the exam. This is an example of what bias? - ✔✔Illusion-
correlation bias
✔✔risk - ✔✔probability times the impact(how bad or good it is)
SOLUTIONS RATED A+
✔✔Heuristics are - ✔✔qualitative methods that are experience based
✔✔insensitive to prior outcomes - ✔✔Your resume showed that you had been a top
performer in your current job for several years and the interviewer formed an opinion
based on whom you reminded him of
✔✔insensitivity to prior probabilities - ✔✔This bias comes from forming an opinion about
group membership based on information given and not using information about the prior
probability of group membership
✔✔law of small numbers - ✔✔says that any sample will have a distribution that is
representative of the population, regardless of sample size.
✔✔Insensitivity to predictability - ✔✔is a bias that is present when the prediction of a
future event is often made on representativeness or how the event is described.
✔✔illusion of validity - ✔✔produced by a good fit between the predicted outcome and
the input information.
✔✔availability heuristic - ✔✔is named because the probability of an occurrence is
based on the ease at which instances are brought to mind
✔✔Bias of imaginability - ✔✔a bias where sometimes one has to assess the frequency
of a class whose instances are not stored in memory, but can be generated according
to a given rule.
✔✔biased in the evaluation of conjunctive and disjunctive events - ✔✔Conjunctive
events are events that are related to other events
✔✔status quo - ✔✔Overall people tend to prefer the present state of affairs to change
✔✔one-reason decision-making - ✔✔People often times reduce decisions to one
reason and a reason that is important to them
✔✔You always take exams wearing the same shirt, because when you wear that shirt
you make a good grade on the exam. This is an example of what bias? - ✔✔Illusion-
correlation bias
✔✔risk - ✔✔probability times the impact(how bad or good it is)
