Answer the following questions.

1. Over 95% of the class selected product defect or customer misuse aligned with which initial information they were given. No surprise there. However, after everyone was given the identical final test results, over 90% of the class remained with, or felt even more strongly that their first decision was correct. How can we explain this? What actions could be taken that might help to reduce or negate this confirmation bias in our decision-making?

2. You had four points to decide whether to invest in two alternative actions totaling up to $1.65 million. Everyone made the initial investment and subsequent information suggested that results were not very good. If you continued investing in the 2nd, 3rd, and 4th rounds what reasons did you have? Did the information lead you to shift your investments or reduce the amount you chose to invest given the amount made available to you in that round? Why? What specific action might be taken to reduce or negate this sunk-cost bias in decision-making?

3. Half of you were told that by shipping a new device we faced the prospect of saving a number of jobs, while half of you were told that by shipping a new device we faced the prospect of avoiding layoffs. However, the impact regardless of the framing would be the same but how it was framed changed the decision you recommended. Discuss this and in particular ways to minimize or negate this bias in our decision-making.

4. Individuals have been shown to rely too heavily on the first piece of information they have influencing later decisions more than is appropriate. To illustrate, half of you were told that 'one doctor' thought the number of patients that synced their meter monthly was only 10%. The other half was told that 'one doctor' thought that number was 65%. While you could have selected your number anywhere between 0 and 100%, what you estimated was influenced by that single piece of information.

Why does this occur and more importantly, what can decision-makers due to reduce the effect of this bias?

5. What should the CEO tell the media at the press conference? If you were a member of the media at that press conference, what questions would you want answered?