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FINANCIAL AND MANAGERIAL ACCOUNTING FOR MBAS 3RD EDITION PDF

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Don't spend too much time thinking about your paper. Gather all specific information concerning your work and send us an email or call us by phone. Take your opportunity — order your individual essay helper now. Creative writing grade 11 tg As an adult who never understood division I'm one of those people who's great with language and terrible at math , I'm happy to say that, at 28 years old, I can finally divide!

I don't know if this app is an effective teaching tool for children but it sure worked for me! Creative writing test year 8 The MFA program is currently taking applications for its new creative nonfiction track, with an initial acceptance of two students for fall , with two more added in Applications can be found here and are due by December All students in the two-year program receive full and equal funding in the form of a tuition waiver for both years, a , stipend during the first year and a , Teaching Assistantship during the second year.

Our creative nonfiction students will teach one introductory course in their genre each semester of the second year. Students will work with our nonfiction faculty and with two Visiting Hurst Professors annually for more about Hurst Professors, click here. Edward Mc Pherson is the author of two nonfiction books: , among others. Before joining the faculty at Washington University in St.

Future entrepreneur business plan writer One of the keys to writing is using appropriate transitional words and phrases. For students who struggle with writing a cohesive essay or paper, it is essential that they use words that not only create a natural flow or progression, but link each point together. Using transitions is also a key aspect in each type of writing in the Common Core State Standards.

For example, read the following writing standards for grades Use words, phrases, and clauses to link the major sections of the text, create cohesion, and clarify the relationships between claim s and reasons, between reasons and evidence, and between claim s and counterclaims. Each type of writing piece will require certain types of transitions. The narrative transitions will vary from the types of transitions used for clarifying the relationship between claims and counterclaims in argumentatives.

To make it easier for you and your students, I've created anchor charts of example transitions that are aligned with the writing standards for transitions for grades You can download a free PDF copy in my teacher store here: Common Core Transitional Words Anchor Charts In my news writing expository presentation shown below , I give examples of unbiased transitions to use in objective writing pieces.

Writing objective summaries is a staple in the Common Core State Standards for writing. I will be posting a bundle of Common Core writing resources soon, which will include graphic organizers and various exercises. If you find these helpful, feel free to "pin" them and pass them along to other teachers. Online applicant communities provide not only emotional support to anxious applicants but also an opportunity to get information from alumni and current students at scores of new and established programs.

While none of these deficits in the workshop method are new, what is new is the healthy skepticism about writing pedagogy that young writers of poetry and prose are bringing to their undergraduate and graduate classrooms. Why do we approach writing pedagogy deductively, via the study of aesthetics, rather than inductively, via the study of poetics?

Why do most workshops offer no formalized training in how to perform a literary artwork as well as compose it? Why are students ostensibly encouraged to workshop writing that is unpolished and adventurous, but implicitly pushed—by the tone, tenor, and format of conventional workshopping—to impress their classmates with already publishable work?

Are we really comfortable with the often gendered master-trainee relationships that tend to dominate contemporary creative writing instruction? Why has the workshop format not been seriously amended or augmented in the century-plus since it was invented?

Is it that invulnerable to perfection, improvement, cooption, or replacement? These and other urgent questions lead to a far broader one: has creative writing done enough to carry itself forward into the twenty-first century—the digital age—or is it a twentieth century, pre-internet discipline profiting from under-coverage in the media of its longstanding disciplinary malaise?

But I also wrote it because applicants deserve to know that creative writing is a discipline in transition, and the contours of this transitional phase suggest that—at least for the time being—an MFA or Ph. By comparison, I find myself at a strange juncture in my own writing and professional life, and it happens to be one in which the value of conveying what I know to be true far outweighs any fear I might have about contradicting the party line in the discipline of creative writing.

Those with some familiarity with the world of MFA and Ph. The explosion in popularity of the low-residency graduate creative writing program may be the most dramatic story of curricular invention in the history of the discipline. More than half the new graduate creative writing programs founded this century have been low-residency programs; this is a startling statistic that calls into question the durability of full-residency instruction in the discipline. Or writers may begin to find that immersion in the theory, literature, and practice of other disciplines besides creative writing is—perhaps paradoxically—more conducive to becoming an idiosyncratic creative writer than any standardized writing pedagogy.

I know I often tell my students that the best way to become successful as a creative writer is to develop an idiosyncratic personal poetics, and that the best way to develop an idiosyncratic personal poetics is to bring into your writing as many facets of your experience, knowledge, training, hobbies, and personality that seem to have nothing to do with creative writing as you possibly can.

Only when our writing is a matrix of our complicated and unreplicable interrelationships with language, culture, self-identity, and genre can we be certain that what we are writing is a distinct achievement and contribution. There are simply too many poetry collections and novels and memoirs and short stories floating about the American literary landscape for any of us to spend our precious time recreating the work others have already done.

The reported computer programs were able to achieve a correlation of 0. Semantic networks were also used to devise originality scores that yielded significant correlations with socio-personal measures. This system enabled automated scoring of DT tests that is reliable, objective, and scalable, thus addressing most of the issues of DT tests that had been found and reported.

Some researchers have taken a social-personality approach to the measurement of creativity. In these studies, personality traits such as independence of judgement, self-confidence, attraction to complexity, aesthetic orientation, and risk-taking are used as measures of the creativity of individuals.

A meta-analysis by Gregory Feist showed that creative people tend to be "more open to new experiences, less conventional and less conscientious, more self-confident, self-accepting, driven, ambitious, dominant, hostile, and impulsive.

Among the other Big Five traits, research has demonstrated subtle differences between different domains of creativity. Compared to non-artists, artists tend to have higher levels of openness to experience and lower levels of conscientiousness, while scientists are more open to experience, conscientious, and higher in the confidence-dominance facets of extraversion compared to non-scientists. These methods use quantitative characteristics such as the number of publications, patents, or performances of a work.

While this method was originally developed for highly creative personalities, today it is also available as self-report questionnaires supplemented with frequent, less outstanding creative behaviors such as writing a short story or creating your own recipes. For example, the Creative Achievement Questionnaire, a self-report test that measures creative achievement across 10 domains, was described in and shown to be reliable and valid when compared to other measures of creativity and to independent evaluation of creative output.

This joint focus highlights both the theoretical and practical importance of the relationship: researchers are interested not only if the constructs are related, but also how and why.

Preckel et al. Under this view, researchers posit that there are no differences in the mechanisms underlying creativity in those used in normal problem solving; and in normal problem solving, there is no need for creativity. Thus, creativity and Intelligence problem solving are the same thing. Perkins examined problem solving by having participants complete the 9-dot problem see Thinking outside the box Nine dots puzzle — where the participants are asked to connect all 9 dots in the 3 rows of 3 dots using 4 straight lines or less, without lifting their pen or tracing the same line twice.

The problem can only be solved if the lines go outside the boundaries of the square of dots. Results demonstrated that even when participants were given this insight, they still found it difficult to solve the problem, thus showing that to successfully complete the task it is not just insight or creativity that is required.

In this view, creativity and intelligence are completely different, unrelated constructs. Getzels and Jackson administered 5 creativity measures to a group of children from grades , and compared these test findings to results from previously administered by the school IQ tests.

Wallach and Kogan highlighted that the creativity measures were not only weakly related to one another to the extent that they were no more related to one another than they were with IQ , but they seemed to also draw upon non-creative skills. Mc Nemar administered 5 measures of creativity, each of which resulted in a score for originality and fluency; and 10 measures of general intelligence to 5th grade children.

These tests were untimed, and given in a game-like manner aiming to facilitate creativity. The neuroscience of creativity looks at the operation of the brain during creative behaviour. This article also explored the links between creativity and sleep, mood and addiction disorders, and depression. In , Alice Flaherty presented a three-factor model of the creative drive. Drawing from evidence in brain imaging, drug studies and lesion analysis, she described the creative drive as resulting from an interaction of the frontal lobes, the temporal lobes, and dopamine from the limbic system.

The frontal lobes can be seen as responsible for idea generation, and the temporal lobes for idea editing and evaluation. Abnormalities in the frontal lobe such as depression or anxiety generally decrease creativity, while abnormalities in the temporal lobe often increase creativity.

High activity in the temporal lobe typically inhibits activity in the frontal lobe, and vice versa. High dopamine levels increase general arousal and goal directed behaviors and reduce latent inhibition, and all three effects increase the drive to generate ideas. Vandervert's explanation rests on considerable evidence that all processes of working memory responsible for processing all thought is also widely known to adaptively model all bodily movement for efficiency. New, hierarchically arranged levels of the cerebellar control architecture HMOSAIC develop as mental mulling in working memory is extended over time.

These new levels of the control architecture are fed forward to the frontal lobes. Since the cerebellum adaptively models all movement and all levels of thought and emotion, Vandervert's approach helps explain creativity and innovation in sports, art, music, the design of video games, technology, mathematics, the child prodigy, and thought in general.

Essentially, Vandervert has argued that when a person is confronted with a challenging new situation, visual-spatial working memory and speech-related working memory are decomposed and re-composed fractionated by the cerebellum and then blended in the cerebral cortex in an attempt to deal with the new situation. With repeated attempts to deal with challenging situations, the cerebro-cerebellar blending process continues to optimize the efficiency of how working memory deals with the situation or problem.

Vandervert and Vandervert-Weathers have pointed out that this blending process, because it continuously optimizes efficiencies, constantly improves prototyping attempts toward the invention or innovation of new ideas, music, art, or technology.

Prototyping, they argue, not only produces new products, it trains the cerebro-cerebellar pathways involved to become more efficient at prototyping itself. Further, Vandervert and Vandervert-Weathers believe that this repetitive "mental prototyping" or mental rehearsal involving the cerebellum and the cerebral cortex explains the success of the self-driven, individualized patterning of repetitions initiated by the teaching methods of the Khan Academy.

The model proposed by Vandervert has, however, received incisive critique from several authors. During this period of sleep, high levels of acetylcholine in the hippocampus suppress feedback from the hippocampus to the neocortex, and lower levels of acetylcholine and norepinephrine in the neocortex encourage the spread of associational activity within neocortical areas without control from the hippocampus. This is in contrast to waking consciousness, where higher levels of norepinephrine and acetylcholine inhibit recurrent connections in the neocortex.

It is proposed that REM sleep adds creativity by allowing "neocortical structures to reorganize associative hierarchies, in which information from the hippocampus would be reinterpreted in relation to previous semantic representations or nodes.

As noted in voting behavior, the term "affect" in this context can refer to liking or disliking key aspects of the subject in question. This work largely follows from findings in psychology regarding the ways in which affective states are involved in human judgment and decision-making. Barbara Fredrickson in her broaden-and-build model suggests that positive emotions such as joy and love broaden a person's available repertoire of cognitions and actions, thus enhancing creativity.

According to these researchers, positive emotions increase the number of cognitive elements available for association attention scope and the number of elements that are relevant to the problem cognitive scope.

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Consider an agent able to manipulate its environment and thus its own sensory inputs. The agent can use a black box optimization method such as reinforcement learning to learn through informed trial and error sequences of actions that maximize the expected sum of its future reward signals.

There are extrinsic reward signals for achieving externally given goals, such as finding food when hungry. But Schmidhuber's objective function to be maximized also includes an additional, intrinsic term to model "wow-effects. As the agent is creating and predicting and encoding the continually growing history of actions and sensory inputs, it keeps improving the predictor or encoder, which can be implemented as an artificial neural network or some other machine learning device that can exploit regularities in the data to improve its performance over time.

The improvements can be measured precisely, by computing the difference in computational costs storage size, number of required synapses, errors, time needed to encode new observations before and after learning. This difference depends on the encoder's present subjective knowledge, which changes over time, but the theory formally takes this into account.

The cost difference measures the strength of the present "wow-effect" due to sudden improvements in data compression or computational speed. It becomes an intrinsic reward signal for the action selector.

The objective function thus motivates the action optimizer to create action sequences causing more wow-effects. Irregular, random data or noise do not permit any wow-effects or learning progress, and thus are "boring" by nature providing no reward.

Already known and predictable regularities also are boring. Temporarily interesting are only the initially unknown, novel, regular patterns in both actions and observations. This motivates the agent to perform continual, open-ended, active, creative exploration. According to Schmidhuber, his objective function explains the activities of scientists, artists, and comedians. For example, physicists are motivated to create experiments leading to observations obeying previously unpublished physical laws permitting better data compression.

Likewise, composers receive intrinsic reward for creating non-arbitrary melodies with unexpected but regular harmonies that permit wow-effects through data compression improvements. Similarly, a comedian gets intrinsic reward for "inventing a novel joke with an unexpected punch line, related to the beginning of the story in an initially unexpected but quickly learnable way that also allows for better compression of the perceived data. While divergent thinking was associated with bilateral activation of the prefrontal cortex, schizotypal individuals were found to have much greater activation of their right prefrontal cortex.

This study hypothesizes that such individuals are better at accessing both hemispheres, allowing them to make novel associations at a faster rate. In agreement with this hypothesis, ambidexterity is also associated with schizotypal and schizophrenic individuals. Three recent studies by Mark Batey and Adrian Furnham have demonstrated the relationships between schizotypal and several different measures of creativity.

Particularly strong links have been identified between creativity and mood disorders, particularly manic-depressive disorder a. She also explores research that identifies mood disorders in such famous writers and artists as Ernest Hemingway who shot himself after electroconvulsive treatment , Virginia Woolf who drowned herself when she felt a depressive episode coming on , composer Robert Schumann who died in a mental institution , and even the famed visual artist Michelangelo.

A different case study suggested for Schumann a difference between bipolar disorder and "creative bipolarity". A study looking at , persons with schizophrenia, bipolar disorder, or unipolar depression, and their relatives, found overrepresentation in creative professions for those with bipolar disorder as well as for undiagnosed siblings of those with schizophrenia or bipolar disorder.

There was no overall overrepresentation, but overrepresentation for artistic occupations, among those diagnosed with schizophrenia. There was no association for those with unipolar depression or their relatives. Another case study suggested a difference between severe mood disorders and "creative melancholy", pointing out mild and moderate depression may inspire creative achievements while severe depression inhibits and may even destroy creative activity.

Another study involving more than one million people, conducted by Swedish researchers at the Karolinska Institute, reported a number of correlations between creative occupations and mental illnesses. Writers had a higher risk of anxiety and bipolar disorders, schizophrenia, unipolar depression, and substance abuse, and were almost twice as likely as the general population to kill themselves. Dancers and photographers were also more likely to have bipolar disorder.

However, as a group, those in the creative professions were no more likely to suffer from psychiatric disorders than other people, although they were more likely to have a close relative with a disorder, including anorexia and, to some extent, autism, the Journal of Psychiatric Research reports. Creativity can be expressed in a number of different forms, depending on unique people and environments. A number of different theorists have suggested models of the creative person.

One model suggests that there are four "Creativity Profiles" that can help produce growth, innovation, speed, etc. Research by Dr Mark Batey of the Psychometrics at Work Research Group at Manchester Business School has suggested that the creative profile can be explained by four primary creativity traits with narrow facets within each An important aspect of the creativity profiling approach is to account for the tension between predicting the creative profile of an individual, as characterised by the psychometric approach, and the evidence that team creativity is founded on diversity and difference.

One characteristic of creative people, as measured by some psychologists, is what is called divergent production. Divergent production is the ability of a person to generate a diverse assortment, yet an appropriate amount of responses to a given situation. The Torrance Tests of Creative Thinking assesses the diversity, quantity, and appropriateness of participants responses to a variety of open-ended questions. Other researchers of creativity see the difference in creative people as a cognitive process of dedication to problem solving and developing expertise in the field of their creative expression.

Hard working people study the work of people before them and within their current area, become experts in their fields, and then have the ability to add to and build upon previous information in innovative and creative ways. In a study of projects by design students, students who had more knowledge on their subject on average had greater creativity within their projects. The aspect of motivation within a person's personality may predict creativity levels in the person. Motivation stems from two different sources, intrinsic and extrinsic motivation.

Intrinsic motivation is an internal drive within a person to participate or invest as a result of personal interest, desires, hopes, goals, etc.

Extrinsic motivation is a drive from outside of a person and might take the form of payment, rewards, fame, approval from others, etc. Although extrinsic motivation and intrinsic motivation can both increase creativity in certain cases, strictly extrinsic motivation often impedes creativity in people.

Creative people tend to be more open to new experiences, are more self-confident, are more ambitious, self-accepting, impulsive, driven, dominant, and hostile, compared to people with less creativity. From an evolutionary perspective, creativity may be a result of the outcome of years of generating ideas. As ideas are continuously generated, the need to evolve produces a need for new ideas and developments. As a result, people have been creating and developing new, innovative, and creative ideas to build our progress as a society.

In studying exceptionally creative people in history, some common traits in lifestyle and environment are often found. Creative people in history usually had supportive parents, but rigid and non-nurturing.

Most had an interest in their field at an early age, and most had a highly supportive and skilled mentor in their field of interest.

Often the field they chose was relatively uncharted, allowing for their creativity to be expressed more in a field with less previous information. Most exceptionally creative people devoted almost all of their time and energy into their craft, and after about a decade had a creative breakthrough of fame.

Their lives were marked with extreme dedication and a cycle of hard-work and breakthroughs as a result of their determination. Another theory of creative people is the investment theory of creativity. This approach suggest that there are many individual and environmental factors that must exist in precise ways for extremely high levels of creativity opposed to average levels of creativity. In the investment sense, a person with their particular characteristics in their particular environment may see an opportunity to devote their time and energy into something that has been overlooked by others.

The creative person develops an undervalued or under-recognised idea to the point that it is established as a new and creative idea. Just like in the financial world, some investments are worth the buy in, while others are less productive and do not build to the extent that the investor expected.

This investment theory of creativity views creativity in a unique perspective compared to others, by asserting that creativity might rely to some extent on the right investment of effort being added to a field at the right time in the right way. This type of creativity is not typically accepted within society and is defined by the intention to cause harm to others through original and innovative means. MC should be distinguished from negative creativity in that negative creativity may unintentionally cause harm to others, whereas MC is explicitly malevolently motivated.

MC is often a key contributor to crime and in its most destructive form can even manifest as terrorism. However, MC can also be observed in ordinary day-to-day life as lying, cheating and betrayal. Although everyone shows some levels of MC under certain conditions, those that have a higher propensity towards malevolent creativity have increased tendencies to deceive and manipulate others to their own gain. Although levels of MC appear to dramatically increase when an individual is placed under unfair conditions, personality is also a key predictor in anticipating levels of malevolent thinking.

Researches Harris and Reiter-Palmon investigated the role of aggression in levels of MC, in particular levels of implicit aggression and the tendency to employ aggressive actions in response to problem solving.

The personality traits of physical aggression, conscientiousness, emotional intelligence and implicit aggression all seem to be related with MC. Harris and Reiter-Palmon's research showed that when subjects were presented with a problem that triggered malevolent creativity, participants high in implicit aggression and low in premeditation expressed the largest number of malevolently-themed solutions.

When presented with the more benign problem that triggered prosocial motives of helping others and cooperating, those high in implicit aggression, even if they were high in impulsiveness, were far less destructive in their imagined solutions.

As creativity requires deviating from the conventional, there is a permanent tension between being creative and producing products that go too far and in some cases to the point of breaking the law. Aggression is a key predictor of malevolent creativity, and studies have also shown that increased levels of aggression also correlates to a higher likelihood of committing crime. For example, cross-cultural research centred on Hong Kong found that Westerners view creativity more in terms of the individual attributes of a creative person, such as their aesthetic taste, while Chinese people view creativity more in terms of the social influence of creative people e.

However, more research would be needed to establish this, and there is certainly no suggestion that this linguistic difference makes people any less or more creative; Africa has a rich heritage of creative pursuits such as music, art, and storytelling. Nevertheless, it is true that there has been very little research on creativity in Africa, Creativity has been more thoroughly researched in the northern hemisphere, but here again there are cultural differences, even between countries or groups of countries in close proximity.

For example, in Scandinavian countries, creativity is seen as an individual attitude which helps in coping with life's challenges, It has been the topic of various research studies to establish that organizational effectiveness depends on the creativity of the workforce to a large extent. For any given organization, measures of effectiveness vary, depending upon its mission, environmental context, nature of work, the product or service it produces, and customer demands.

Thus, the first step in evaluating organizational effectiveness is to understand the organization itself — how it functions, how it is structured, and what it emphasizes. Amabile Creative competitive intelligence is a new solution to solve this problem. According to Reijo Siltala it links creativity to innovation process and competitive intelligence to creative workers. Creativity can be encouraged in people and professionals and in the workplace.

It is essential for innovation, and is a factor affecting economic growth and businesses. Similarly, social psychologists, organizational scientists, and management scientists who conduct extensive research on the factors that influence creativity and innovation in teams and organizations have developed integrative theoretical models that emphasize the roles of team composition, team processes, and organizational culture, as well as the mutually reinforcing relationships between them in promoting innovation.

Research studies of the knowledge economy may be classified into three levels: macro, meso and micro. Macro studies refer to investigations at a societal or transnational dimension.

Micro investigations centre on the minutiae workings of workers. There is also an interdisciplinary dimension such as research from businesses e. Burton-Jones, ; Drucker, , economics e. Cortada, ; Reich, ; Florida, , education e. Farrell and Fenwick, ; Brown, Lauder and Ashton, , human resource management e. Davenport, , knowledge and organizational management Alvesson, ; Defillippi, Arthur and Lindsay, ; Orr, Nutley, Russell, Bain, Hacking and Moran, , sociology, psychology, and knowledge economy-related sectors — especially information technology IT software e.

Loo studies how individual workers in the knowledge economy use their creativity and know-how in the advertising and IT software sectors. It examines this phenomenon across three developed countries of England, Japan and Singapore to observe global perspectives.

Specifically, the study uses qualitative data from semi-structured interviews of the related professionals in the roles of creative directing and copywriting in advertising , and systems software developing and software programme managing.

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The study offers a conceptual framework Loo, , p. Larger numbers reflect better batting performance. You know the nine players' batting averages, and must estimate each one's batting average. Please fill in your guesses in the right-hand column. Player Linda is thirty-one years old, single, outspoken, and very smart.

She majored in philosophy. As a student, she was deeply concerned with issues of discrimination and social justice, and she participated in antinuclear demonstrations. Rank the following eight descriptions in order of the probability likelihood that they describe Linda: a.

Linda is a teacher in an elementary school. Linda works in a bookstore and takes yoga classes.

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Linda is active in the feminist movement. Linda is a psychiatric social worker. Linda is a member of the League of Women Voters. Linda is a bank teller. Linda is an insurance salesperson. Linda is a bank teller who is active in the feminist movement. Problem 9. Take the last three digits of your phone number. Add the number one to the front of the string, so that now you have four digits.

Think of that number as a year.

Now try to estimate the year that the Taj Mahal was completed. Was it before or after the date made by your phone number? Which of the following instances appears most likefy? Which appears second most likely? Drawing a red marble from a bag containing 50 percent red marbles and 50 percent white marbles.

Drawing a red marble seven times in succession, with replacement i. Drawing at least one red marble in seven tries, with replacement, from a bag containing 10 percent red marbles and 90 percent white marbles. Problem Ten uncertain quantities are listed below.

Do not look up any information about these items. For each, write down your best estimate of the quantity. Next, put a lower and upper bound around your estimate, so that you are confident that your 98 percent range surrounds the actual quantity. Estimate Lower Upper a. Wal-Mart's revenue b.

Microsoft's revenue c.

World population as ofJuly d. Market capitalization price per share times number of shares outstanding of Best Buy as of July6, e. Market capitalization of Heinz as of July 6, f. Rank of McDonald's in the Fortune g. Rank of Nike in the Fortune h. Number of fatalities due to motor vehicle accidents in the United States in i. The national debt of the U. The U. If you had to describe the relationship between baseball players' batting averages in one season and their batting averages in the subsequent season, which of the following four descriptions would yoH pick?

Zero correlation: Performance is entirely unpredictable, in the sense that knowing how well a player hits one year does not help you predict how well he is going to hit the next year.

Weak correlation of about. Strong correlation of about. Perfect correlation of 1. The player with the highest batting average in one season always has the highest batting average the next season.

Even if you got the order right or came close, you probably underestimated the magnitude of difference between the first two causes and the last three causes. Vivid deaths caused by cars, guns, and drugs tend to get a lot of press coverage. The availability of vivid stories in the media biases our perception of the frequency of events toward the last three causes over the first two.

As a result, we may underestimate the likelihood of death due to tobacco and poor diet, while overestimating the hazards of cars, guns, and drugs. Many life decisions are affected by the vividness of information. In the fall of , however, sexual behavior in Dallas was dramatically affected by one vivid piece of data that may or may not have been true.

In a chilling interview, a Dallas woman calling herself C. Although C. There are many more important reasons to be concerned about AIDS. However, C. The availability heuristic describes the inferences we make about event commonness based on the ease with which we can remember instances of that event.

Tversky and Kahneman cite evidence of this bias in a lab study in which individuals were read lists of names of well-known personalities of both genders. One group was read a list in which the women listed were relatively more famous than the listed men, but the list included more men's names overall.

The other group was read a list in which the men listed were relatively more famous than the listed women, but the list included more women's names overall.

After hearing their group's list, participants in both groups were asked if the list contained the names of more women or men. In both groups, participants incorrectly guessed that the gender that included the relatively more famous personalities was the more numerous.

Participants apparently paid more attention to vivid household names than to less well-known figures, leading to inaccurate judgments. While this example of vividness may seem fairly benign, it is not difficult to see how the availability bias could lead managers to make potentially destructive workplace decisions.

The following came from the experience of one of our MBA students: As a purchasing agent, he had to select one of several possible suppliers.

He chose the firm whose name was the most familiar to him. He later found out that the salience of the name resulted from recent adverse publicity concerning the firm's extortion of funds from client companies! Managers conducting performance appraisals often fall victim to the availability heuristic.

Working from memory, vivid instances of an employee's behavior either positive or negative will be most easily recalled from memory, will appear more numerous than commonplace incidents, and will therefore be weighted more heavily in the performance appraisal.

The recency of events is also a factor: Managers give more weight to performance during the three months prior to the evaluation than to the previous nine months of the evaluation period because it is more available in memory. In one clever experiment that illustrates the potential biasing effect of availability, Schwarz and his colleagues asked their participants to assess their own assertiveness.

Some participants were instructed to think of six examples that demonstrated their assertiveness-a fairly easy assignment. Other participants were instructed to come up with twelve instances of their own assertiveness-a tougher task. Those who were supposed to come up with twelve instances had more trouble filling out.

Consistent with the predictions of the availability heuristic, those who were asked to generate rrwre examples actually wound up seeing themselves as less assertive, despite the fact that they actually listed more instances of their own assertiveness. Because it was more difficult for them to come up with examples demonstrating their assertiveness, they inferred that they must not be particularly assertive.

This pattern may be sensible for some types of risks. After all, the experience of surviving a hurricane may offer solid evidence that your property is more vulnerable to hurricanes than you had thought or that climate change is increasing your vulnerability to hurricanes.

This explanation cannot account for trends in the purchase of earthquake insurance, however. Geologists tell us that the risk of future earthquakes suBsides immediately after an earthquake occurs. The risk of experiencing an earthquake becomes more vivid and salient after one has experienced an earthquake, even if the risk of another earthquake in the same location diminishes. Perhaps it ought not to be surprising that our memories and recent experiences have such a strong impact on our decisions.

Nevertheless, it can be fascinating to di? Bias 2: Retrievability based on memory structures Problem 2. The recommendations that come from people in a manager's network are more likely to be of a similar background, culture, and education as the manager who is performing the search. As these first two biases ease of recall and retrievability indicate, the misuse of the availability heuristic can lead to systematic errors in managerial judgment.

We too easily assume that our available recollections are truly representative of the larger pool of events that exists outside of our range of experience. As decision makers, we need to understand when intuition will lead us astray so that we can avoid the pitfall of selecting the most mentally available option.

Problem 3. Most people estimate that there are more words beginning with "a" than words in which "a" is the third letter.

In fact, the latter are more numerous than the former. Words beginning with " a" constitute roughly 6 percent of English words , whereas words with "a" as the third letter make up more than 9 percent of English words.

Why do most people believe the opposite to be true? Due to the relative ease of recalling words starting with "a," we overestimate their frequency relative to words that have "a" as a third letter. Tversky and Kahneman demonstrated this retrievability bias when they asked participants in their study to estimate the frequency of seven-letter words that had the letter "n" in the sixth position. Their participants estimated such words to be less common than seven-letter words ending in the more memorable three-letter "ing" sequence.

However, this response pattern must be incorrect. Since all words with seven letters that end in "ing" also have an "n" as their sixth letter, the frequency of words that end in "ing" cannot be larger than the number of words with "n" as the sixth letter. Tversky and Kahneman argue that "ing" words are more retrievable from memory b ecause of the commonality of the "ing" suffix, whereas the search for words that have an "n" as the sixth letter does not easily generate this group of words.

Sometimes the world structures itself according to our search strategies. Retail store location is influenced by the way in which consumers search their minds when seeking a particular commodity. Why are multiple gas stations at the same intersection? Why do "upscale" retailers want to be in the same mall?

Why are the biggest bookstores in a city often located within a couple blocks of each other? An important reason for this pattern is that consumers learn the location of a particular type of product or store and organize their minds accordingly. To maximize traffic, the retailer needs to be in the location that consumers associate with this type of product or store. Other times, the most natural search strategies do not serve us as well.

For instance, managers routinely rely on their social networks to identifY potential employees. Given this test result, what are the chances "that her baby has Down syndrome? How did you reach your answer? If you are like most people, you decided that Lisa has a substantial chance of having a baby with Down syndrome. The test gets it right 86 percent of the time, right?

The problem with this logic is that it ignores the "base rate"-the overall prevalence of Down syndrome. For a thousand women Lisa's age who take the test, an average of only one will have a baby with Down syndrome, and there is only an 86 percent chance that this woman will get a positive test result. The other women who take the test will have babies who do not have Down syndrome; however, due to the test's 5 percent false positive rate, just under 50 Therefore, the correct answer to this problem is that Lisa's baby has only a 1.

Due to the simplifYing guidance of the representativeness heuristic, specific information about Lisa's case and her test results causes people to ignore background information relevant to the problem, such as the base rate of Down syndrome.

This tendency is even stronger when the specific information is vivid and compelling, as Kahneman and Tversky illustrated in one study from Some participants were told that this description was selected from a set of seventy engineers and thirty lawyers. Others were told that the description came from a list of thirty engineers and seventy lawyers. Next, participants were asked to estimate the probability that the person described was an engineer.

Even though people admitted that the brief description did not offer a foolproof means of distinguishing lawyers from engineers, most tended to believe that the description was of an engineer. Their assessments were relatively impervious to differences in base rates of engineers 70 percent versus 30 percent of the sample group.

In the absence of a personal description, people use the base rates sensibly and believe that a person picked at random from a group made up mostly of lawyers is most likely to be a lawyer. Thus, people understand the relevance of base-rate information, but tend to disregard such data when individuating data are also available. Ignoring base rates has many unfortunate implications. Entrepreneurs think that the base rate for failure is not relevant to their situations; many of them lose their life savings as a result.

Similarly, unnecessary emotional distress is caused in the divorce process because of the failure of couples to create prenuptial agreements that facilitate the peaceful resolution of a marriage. The suggestion of a prenuptial agreement is often viewed as a sign of bad faith.

However, in far too many cases, the failure to create prenuptial agreements occurs when individuals approach marriage with the false belief that the high base rate for divorce does not apply to them. About the same that is, within 5 percent of each other Most individuals choose C, expecting the two hospitals to record a similar number of days on which 60 percent or more of the babies born are boys. People seem to have some basicjdea of how unusual it is to have 60 percent of a random event occurring in a specific direction.

However, statistics tells us that we are much more likely to observe 60 percent of male babies in a smaller sample than in a larger sample. This effect is easy to understand. Half of the time, three flips will produce more than 60 percent heads.

However, ten flips will only produce more than 60 percent heads about 17 percent of the time. Three thousand flips will produce more than 60 percent heads only. However, most people judge the probability to be the same in each hospital, effectively ignoring sample size.

Although the importance of sample size is fundamental in statistics, Tversky and Kahneman argue that sample size is rarely a part of our intuition.

When responding to problems dealing with sampling, people often use the representativeness heuristic. For instance, they think about how representative it would be for 60 percent of babies born to be boys in a random event.

As a result, people ignore the issue of sample size-which is critical to an accurate assessment of the problem. Consider the implications of this bias for advertising strategies. Market research experts understand that a sizable sample will be more accurate than a small one, but use consumers' bias to the advantage of their clients: "Four out of five dentists surveyed recommend sugarless gum for their patients who chew gum.

If only five or ten dentists were surveyed, the size of the sample would not be generalizable to the overall population of dentists. Bias 5: Misconceptions of Chance Problem 6.

The problem with this reasoning is that the gender determination of each new baby is a chance event; the sperm that determines the baby's gender does not know how many other girls the couple has.

This question parallels research by Kahneman and Tversky showing that people expect a sequence of random events to "look" random. Simple statistics, of course, tell us that each of these sequences is equally likely because of the independence of multiple random events. Problem 6 triggers our inappropriate tendency to assume that random and nonrandom events will balance out.

Will the fourth baby be a boy? But your earlier success producing girls is irrelevant to its probability.

Financial And Management Accounting For Mbas

Tversky and Kahneman note: "Chance is commonly viewed as a self-correcting process in which a deviation in one direction induces a deviation in the opposite direction to restore the equilibrium. In fact, deviations are not corrected as a chance process unfolds , they are merely diluted.Professor Easton has served as an associate editor for 11 leading accounting journals and he is currently an associate editor for the Journal of Accounting Research , Journal of Business Finance and Accounting , and Journal of Accounting, Auditing, and Finance.

The representativeness heuristic may be so well institutionalized in our decision processes that even scientific training and its emphasis on the proper use of statistics may not eliminate the heuristic's biasing influence.

Working from memory, vivid instances of an employee's behavior either positive or negative will be most easily recalled from memory, will appear more numerous than commonplace incidents, and will therefore be weighted more heavily in the performance appraisal.

We are the essay writing service dealing with all types of academic help. We will show how habit leads people to rely on heuristics that limit the quality of their decisions. DuPont Model: Many days I wonder whether our capacity to invent—the forms, the media, the instruments, the material, the inspirations, and the preoccupations that make up a writing practice—has so outstripped the conventional workshop that we must be careful indeed when, how, and where we expose ourselves to that rather limiting instructional method.

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