Writing Assignment help on : Impact of cognitive biasness on his decision making
1) My friend comment about his dissertation report shows the impact of cognitive biasness on his decision making. Cognitive biasness is caused by the mental errors which are caused by our mental process of making strategies. We decide our self what is wrong and right a think that the decision made by u sis the correct one. So such decision comes from our self interest and intelligence figures because of this decision made by our cognitive biasness may prove us to be wrong. Here we use our own logic, our own thinking and then think accordingly unaffected and unknown by the right fact and so such biasness does not result from nay emotional or emotional predisposition but from our subconscious mental state. My friend thinks that his dissertation is going great because he had a gut feeling that the dissertation was very known to him familiar to him .he does not have to work much on that, where the actual thing was something else. He also had vague idea that Google will give him a pretty good idea what is assignment all about and will help him to complete his assignment. He has not completed his Google search, he has just felt that his dissertation is very simple but he is confident that his project is simple and easy. And this will impact his actual research process because this is the influence of his cognitive biasness. When he will actually start analyzing the results for this he will get to know that his analysis is actually wrong and this is just because of his own thinking process. Before doing the actual thing and the work process he has decided that his project is very simple but this perception is just because of his own mental processing of strategies. Such biasness is exactly similar to optical illusions where the error is very completing even though when we know the casual outcome. In this my friend has experienced such real situation but he is ignoring it because of his illusion. So in reality it’s not easy to overcome such outcome.
Cognitive biasness is based on cognition which means to learn by using the thought process, gaining knowledge and ones own perception.
It enables people to learn new things by using their own perception, knowledge and understanding so that people can change their behavior and learn new things, behavior is influenced by many factors like cultural, social and family, education etc. Cognitive learning specifies how these changes in behavior are used by individual to learn new things in life.
Cognitive learning occurs by 3 processes:
1) observation-people learn by observing the right and wrong behavior, so it helps to learn by knowing the cause and effect.
2) Response consequences-people tend to learn new things for which they are rewarded. Punishment and reward both will motivate or de motivates their learning.
3) symbolism-factual picture of consequences is carpeted which will help to know what will be the result of a particular deed if done.
Cognitive biasness has become very common because of stress in our living today. Stress is common in all individuals basically for people of middle ages. People get less time to focus on themselves what is actually happening with their life as all are busy in making in their life better ,but in this mad race ,they forget that if we are not fit mentally we can never prosper in our life, because a healthy mind reside in only healthy body.
Cognitive biasness is the result of learning where human learn by experience and this change is permanent, visible externally and thus becomes the behavior of an individual
The behavior depends on each individuals contact with external environment, their observation and experience and that’s why each individual behavior is different.
It is based on following assumptions:
Emphasis on behavior-change in behavior will show that individual ahs learned something new. There are various theory of human theory which focus on such behavior like. Piaget’s theory of human development focuses on cognitive biasness, and is based on an integrated approach of cognitive development of children. It is focused towards the cognitive development of the mind of children that could have an advantage in improving the existing condition in human development scenario. After getting the result of his project and while doing the research my friend will understand that his gut feeling has come from accumulation of previous knowledge and its effect on the future knowledge base. So this will help my friend to understand that he is affected by the cognitive business.
Social Desirability Bias:
Social Desirability Bias is a kind of biasness in the research studies that makes creates of leads in the biasness in the research findings by various means and modes like performing a wrong research, showing wrong results of the research findings, not following the right and accurate terms and procedures while conducting research. These are some of the possible ways that may lead to the social desirability bias in the study. This is occurring in a frequent manner now a day by the students to make their research best possible by moulding the research parameters. The students do not want to go in depth in various research topics or the happenings that is why they just try to make their result accurate and to present themselves in best possible manner.
This can affect the research study and findings negatively. This is of no use because there is not accurate finding and analysis is shown in the research (Fisher, 1993). That will have of no use for the future studies and research purposes. This way the social desirability bias should not be supported for research studies in universities and colleges to stop these kinds of inaccuracy and biasness while conducting research study. The two main reasons behind this bias, first one is self deception and others deception (Fisher, 1993). Both of these aspects could be a reason for the social desirability bias in the report preparation. The people do not want to work on some sensitive topics that is why they just skip it and make their own perception to show their best possible light other that particular topic. Indirect questioning can be one of the best possible ways to stop or reduce the social desirability bias. Researchers are still working on this aspect to put various indirect questions in the research regarding the sensitive topics to avoid or reduce the social desirability and this is very much effective in reducing the biasness (Nederhof, 1985).
This is one of the major issues for the researchers that are not seriously taken into consideration by the students while doing research. As a result they submit an inaccurate and wrong report as per their own convenience. This should not be encourages among the students, otherwise it will lead to the failure of the whole research system and meaning of research among the students. A research is always done to find some new outcomes according to the phenomenon and the people responses with the help of various references and questionnaires. That could result in some fruitful and effective outcome and researchers could get some new findings which could be accurate but if these kinds of inaccuracy and wrong consideration is being shown in the research findings then it is of no use for researchers and even it will create a big question mark on the research system, who will be working on these wrong and biased findings for further research in future. And if they follow all the aspects of research methodologies then also there will be inaccuracy in their research findings due to the inaccuracy in the previous reports and findings. This way the effect of social desirability bias can be seen in the future coming researches which will be based upon the previous findings (Fisher, 1993). This clearly shows that there should not be any place for social desirability bias in the research and even we should try to remove or reduce it by various ways like indirect questioning, putting correct findings in the report, and correct analysis of the data and so on. Social desirability bias works as a negative catalyst and that creates a hurdle to perform a research accurately and effectively. This is a kind of phenomenon where it becomes very difficult for researchers to find the correct research report. Because the sensitive topics are already being neglected or skipped by the responders, and to prepare the report it is required to fill the data of the response for these sensitive topics and that is why the students put inaccurate or wrong findings to complete their reports (Nederhof, 1985). Here the main thing is that the students are not really getting the meaning and usage of the research in their study purposes. They are just taking it as a part of their class routine or class assignment and carry on and complete it anyways. So, we must teach them the meanings and usage of the research for their long lasting career and study purposes. This will help them to understand the scenario and to rectify the problem by themselves.
Your task here is to look at these two pictures of bank buildings and suggest what they tell us about banking.
Subprime mortgage crisis rocked the whole of America and parts of Europe to a great extent. Keeping in mind the horrors of those times bankers have now kept a very strict vigil on how the banking operations happened and the whole of banking sector reforms changed. Llyod Bank and Northern Bank are too gone into these kinds of competitive and strategic revamp in order v to have a good impact of these crises. Although both the banks did its best to save itself from this crisis but still a lot of its revenue were lost in the battle to save the subprime. Thus, it determined upon some good areas for investment and it also had spread across a lot of different rates for its view. Companies like Llyod banks views a lot of different information systems that there is good source of stocks that are available with the company and also the competitive and financial structure of the company are strong. Banks did provide for this kind of change but the only reason why these banks survived this whole change was mainly because of diversification of its funds in different areas and different places. Hence, one can say that the competitive structure of both the banks were very good and it used a lot of different financial structure so that there is growth and progress and in terms of crisis this kind of investment can be used for good productive purposes. Hence, these companies were good in understanding the basic criteria of change and they applied also their forces so that there is no loss for any per concerned. The money was safe and the company was easily able to get over the subprime crisis and thus deal with these kinds of harsh and weak economic calamities of the society. There are various reasons for the non performance of weak performance of a bank which affected the society and the common people, such as: ROA and ROE ratios. Due to various reasons like the government regulations and decrease in the asset ratio leads to the weak performance of the banks. To make a strong and more profitable performance banks should make a concentration towards the increment in Asset ratio that will lead to the increase in the earnings of the bank and reflect in the profitability enhancement of the bank. Commercial banks like LLyod Bank and Northern bank are those financial institutions that allow people to open their saving accounts and provide them facility of loans. The basic difference between the commercial banks and savings and loans is that banks are the institutions to provide the categorical facilities and those facilities may be defined in terms of savings and loans. Commercial banks are the financial institutions that provide the financial services to the customers. Whereas S&Ls are the services being provided to the customer by the commercial banks in terms of saving accounts, current accounts and the facility of loans or mortgage and other banking services like overdraft, fund transfer, deposits and many more. The commercial banks play an important role to make our life smooth and preventive in terms of monetary aspects and considerations. Commercial banks are the facilitator to the customer’s money and funds. The facility is being given in terms of savings and loans to make use of those money in an integrated manner. The architecture of both building shows that although times have changed the economic fluctuation has keep on affecting the society, its people. Market risk in terms of investing into mortgages properties was very common and is still the same today, achieving the lowest amount f risk and high returns. However, in the current area of turmoil I would mainly suggest that these kind of things should be made very less and their should be more investment in projects which are of high returns and low risk. Mortgaging of property and other kinds of assets for the use getting good returns and revenues are very likely the principle of the past and in the present state of affairs all we need to do is to make sure that there is les of market risk and more of returns from the investments that we make in the projects which are of short term nature. Thus one need to understand that market risk in these kinds of ventures is pretty normal and hence we should mainly take into consideration more returns and less of risk in the current economic environment.
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