Satisficing
A decision-making strategy that involves choosing an option that meets the minimum requirements rather than seeking the optimal solution, balancing effort and outcome.
80 topics found for
“early decision-making”
ZMOT
Zero Moment of Truth (ZMOT) is a concept in marketing that refers to the point in the buying cycle when the consumer researches a product before the seller even knows they exist.
Decision Theory
The study of how individuals make choices among alternatives and the principles that guide these choices.
Illusion of Validity
A cognitive bias where individuals overestimate the accuracy of their judgments, especially when they have a lot of information.
Information Bias
A cognitive bias where people seek out more information than is needed to make a decision, often leading to analysis paralysis.
Hyperbolic Discounting
A cognitive bias where people disproportionately prefer smaller, immediate rewards over larger, later rewards.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Monte Carlo Simulation
A statistical technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate systems.