How to Avoid Anchoring in Strategic Decision Making?

12manage is looking for contributors...


 
Anchoring Bias > Best Practices Premium

How to Avoid Anchoring in Strategic Decision Making?
Jos Nieland, Premium Member
Recently, Taleb and Nobel prize-winning psychologist Daniel Kahneman together explored their differing approaches to unlocking the mysteries of decision making processes (in the New York Library). Taleb learned from Kahneman the idea of anchoring bias: when you ask someone the last four figures of his social security number and then how many dentists exist in Manhattan, there will be a correlation according to Kahneman.

People use available 'knowledge', information and forecasts (KIF) without any doubt. And the more complex the KIF presented, the riskier decisions people make! People are too 'gullible' (Editor: ~naive, unsuspecting) using KIF. Besides this naivety, sometimes it can also be very profitable for them to use complex KIF (think of bonuses a... Register
 

 
The Experience Factor in Strategic Decision Making..Sign up
Nhlanhla Sibisi, Member
How is the 'experience factor' included in this (o...
 

 
Role of Consciousness in Decision MakingSign up
srinivas, Member
I think if the decisions are based on conscious...
 

 
Will Consciousness Help a Lot?Sign up
Jaap de Jonge, Editor
@Srinivas: Thanks...
 

   

 
How People make DecisionsSign up
Marcel Wiedenbrugge, Member
Kahneman's book '
 

 
Everything Anchors Bias; Consider 6THSign up
Tom Wilson, Member
This issue is of the essence in all planning and d...
 

 
Decision Making - 6 HatsSign up
Marcel Wiedenbrugge, Member
I think 6 hats is certainly a nice model, but it d...
 

 
6TH Expands Decision MakingSign up
Venta Longman, Member
KIF are definitely influencers in decision making ...
 

 
The WRAP Model of Decision-MakingSign up
Alan Kennedy
I think Mr. Wiedenbrugge makes an important observ...
 

 
Understanding the Basic Power of DisagreementSign up
J Braun, Member
I work in a family organization, and it's a fair s...
 

 
Consciousness Based Decision MakingSign up
srinivas, Member
Hi @Jaap, it is t...
 

   

 
Preparing for Downsides/ Sideeffects After the DecisionSign up
Jos Nieland, Premium Member
De Bono's 6 Hats, Kahneman's book and Heath and Si...
 

 
Constantly Operating ContingenciesSign up
Tom Wilson, Member
@Makini: I agree...
 

 
Experience, Imagination, Creativity and Adaptation in Decision MakingSign up
Venta Longman, Member
Experience is one of several variables in decision...
 

 
AB Can Be Avoided..Sign up
Jim Carwardine, Member
Many decisions are made in a Problem-Solving (PS) ...
 

   

 
Decision Making Viz-a-Viz BiasSign up
Oluyemi Anjorin, Member
Decision making requires critical thinking and cri...
 

 
Objectivity and Self InquirySign up
Damodaram Kuppuswami, Member
One possible approach could be enhancing objectivi...
 

 
Anchoring Bias Can Be Avoided..Sign up
Jim Carwardine, Member
@Tom Wilson: Poi...
 

   

   

   

   

 
Role of Good AssociationSign up
srinivas, Member
@Tom Wilson: Doe...
 

 
Dissociation and Good AssociationSign up
Tom Wilson, Member
@Srinivas: This ...
 

 
Decision Making, Age Contribute to BiasnessSign up
shashinhale Wanna, Member
I'm sorry to say that "the older people become, th...
 

   

 
Anchored Bias or Anchoring Bias. How to Avoid it?Sign up
Satya Nistala, Member
The question is: Are we anchored and thus make bia...
 

 
Action as MeditationSign up
Tom Wilson, Member
@Satya Nistala: ...
 

 
The Effect of Yoga on Avoiding Anchoring BiasSign up
srinivas, Member
There is a knowledge body which is called kriya yo...
 

 
 

  Do you wish to study further? You can learn more from the summary, forum, discussions, lessons, courses, training, instructions, expert tips, best practices and education sources. Register.  


Special Interest Group Leader

You here


More on Anchoring Bias
Summary
Forum

Best Practices
  • How to Avoid Anchoring in Strategic Decision Making?

Expert Tips

Resources



About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
2018 12manage - The Executive Fast Track. V14.1 - Last updated: 21-7-2018. All names of their owners.