Critically discuss each of the four areas you have explained above in your answer provide pros and cons of each area
Answers
Explanation:
In this blog we provide a summary of the different options you have and outline some of the key advantages and disadvantages of
Answer:
The Pros
- Rigor
Taking the trouble to think through all the possible pros and cons of a particular course of action and then writing them down minimizes the chance that critical factors have been overlooked. Assigning weights to each of the pros and cons is another exercise that encourages deeper thinking and probably leads to better decision-making.
- Emotional distance
Important decisions are likely to evoke strong emotions.Following the steps to create a list of pros and cons can lead to what researchers Ozlem Ayduk and Ethan Kross call a "self-distancing perspective," in which the decision is viewed as an "external" issue that needs to be addressed, to make it easier to impact the emotions surrounding the decision.
- Familiarity and simplicity
Perhaps most compelling is that the list of pros and cons is generally well understood, requires no special computational or analytical skills, and is elegantly simple to maintain.
Cons
- Prone to cognitive biases
Cognitive biases are common thought patterns that have been shown to lead to misjudgments and bad decisions. Unfortunately, the very simplicity that makes a list of pros and cons so attractive creates many opportunities for a number of cognitive biases, including:
- framing effect
Pros and cons lists generally consist of evaluating two alternatives: a pass or not approved scenario and a narrow framing example, a bias created by overly restricting the set of possible outcomes.
- Effect of Overconfidence
A well-established cognitive bias is the tendency for individuals to overestimate the reliability of their judgments.By creating a list of pros and cons, many people are likely to assume an accuracy in evaluating pros and cons that simply doesn't exist.
- llusion of control
When faced with the task of visualizing possible outcomes, a common tendency is to believe that one can control outcomes that are actually not controllable.
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