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Three primary types of heuristics

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From your readings in the text this past week we've learned there are three primary types of heuristics; the representativeness heuristic, the availability heuristic and the anchoring & adjustment heuristic.

Post an answer to the following questions:

PART 1 - Based on what you've read and researched; in your opinion, which one of the three primary heuristic types (as listed above) do you believe is the most commonly used?

PART 2 - What information, facts, or data, did you use in coming to your conclusion (why did you select the heuristic you chose?)

PART 3 - Provide at least one, preferably two examples to support your conclusion?

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The response addresses the queries posted in 518 words with references.

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The response addresses the queries posted in 518 words with references.
//The given discussion is based on the process of 'Decision Making'. In this process, there is a great use of the concept of 'Heuristic'. In this series, the first part of the discussion is including the explanation of the term 'Heuristic' and its relation with decision making process.//

Introduction

Heuristics is an important tool that helps in decision making and problem solving in daily life as well as in big organizations. It is used for arriving quickly at a particular solution. It gives the optimal and reasonable solution to the people. The heuristics are based on the rules of thumb I.e. Decisions that are taken on the basis of activities that earlier took place. They also help in forecasting the decisions that should be taken for the future activities. They help in selecting a specific strategy for solving problems and arriving at useful solutions.

//After explaining the concept of the term 'Heuristic', in the next section of the discussion, the three different types of Heuristics are explained in the detail, ...

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Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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