All entries for May 2011
May 01, 2011
Today, while studying about biases that arise from heuristics and the mental models we have, I recollected an incident from the rdm study week. I still remember working on the presentation, I was trying to use Paired Comparison to allocate the appropriate marketing mix for the adveritising campaign. When I was trying to do the Paired Comparion, I realised that I was allocating numbers from the top of my head, accroding to my own subjectivity and through whatever little knew about different advertising campaigns. In the first attempt, this decision tool was completely based on my subjectivity on the given choices. However, in the group meeting we realised that if we use the decision tool this way, it will be extremely unreliable and biased. As a result, on the suggestion of one of our team members we decided to extensively research on the subject. We the analysed, researched different advertising mix on the internet, journals, etc. and gathered information by even personally calling associate personnel. We then found gathering information through different sources a very helpful step in removing bias and making robust decisions. The final decision that we made was finally a roubust decision after all the hardwork! I then realised that we make so many decisions in our day to day life based on our prior knowledge or no knowledge. Subjectivity will always come one on the way of making a roubst decision. We should always try to remove this big obstacle and introduce objectivity in our deciison. For this, It is very very important to gather as much information as we can to make a reliable and robust decision.