Two approaches to judgment are clinical judgment and actuarial judgment. Clinical judgment is human judgment that is based on what you believe you know rather than on data. Actuarial judgment is also called statistical judgment, and it is based on data.

 

Studies find that actuarial judgment helps people make better decisions than clinical judgment. However, people tend to rely on clinical judgment. One example is the judgment you make when you plan to purchase a used car. You visit two dealerships. At one dealership, you meet a salesperson you remember from high school. You enjoy swapping old stories, and the salesperson allows you to go for a very long test drive. The car is comfortable, fun to drive, and visually appealing. You visit another dealership, and the salesperson bombards you with data about reliability and safety. You do not develop a rapport with the salesperson who gives you a limited time for your test drive. You rely on your clinical judgment and decide to purchase the car from the salesperson you know. After six months, your car breaks down on the freeway. Only then do you research the statistical ratings of the car. You learn that the make and model you purchased shows a history of several mechanical problems. You recognize you should have researched the statistical ratings before making your purchase. In the article "Clinical Versus Actuarial Judgment," the authors examine theories and studies involving both types of judgment.

 

To prepare for this assignment:

•Review the article "Clinical Versus Actuarial Judgment." Pay particular attention to the cases involving each type of judgment.

•Review Chapter 3 in your text, Rational Choice in an Uncertain World. Focus on clinical versus actuarial judgment.

•Think about a decision you made using clinical judgment. Consider whether actuarial judgment would have helped you make a better decision.

•Think about a decision you made using actuarial judgment. Consider whether clinical judgment would have helped you make a better decision.

•Consider in what circumstances actuarial judgment is more helpful to you and in what circumstances clinical judgment is more helpful to you.

 

The assignment (1–2 pages):

•Briefly explain the difference between clinical and actuarial judgment.

•Describe a decision you made using clinical judgment and explain why you used this type of judgment. Then explain how actuarial judgment may or may not have helped you make a better decision. Be specific.

•Describe a decision you made using actuarial judgment, and explain why you used this type of judgment. Then explain how clinical judgment may or may not have helped you make a better decision. Be specific.

•Briefly explain your position regarding which approach to judgment (climical or actuarial) seems to be most helpful for you, in what circumstances is is most helpful, and why the judgment you chose is most helpful.

 

Support your Application Assignment with specific references to all resources used in its preparation. You are asked to provide a reference list for all resources, including those in the Learning Resources for this course.

 

Submit your assignment by Day 7.

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Status NEW Posted 23 Nov 2017 06:11 AM My Price 10.00

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