X
Welcome to the world's #1 website about management
- Discover 1000s of knowledge centers
- Learn from colleagues and experts
- By signing up you get full access to all knowledge centers and discussion forums, including Anchoring Bias
Log in
|
How to Avoid Anchoring in Strategic Decision Making?
Jos Nieland, Teacher, Netherlands, 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...
|
|
| |
|
|
|
| |
|
Role of Consciousness in Decision Making
srinivas, Lecturer, India, Member I think if the decisions are based on consciousness then anchoring can be avoided.
There is ample number of quotes in the experiential sys... |
|
| |
|
Will Consciousness Help a Lot?
Jaap de Jonge, CEO, Netherlands, Editor @ Srinivas: Thanks for your contribution to this discussion. Perhaps making people conscious about the risks of Anchor... |
|
| |
|
Everything Anchors Bias; Consider 6TH
Tom Wilson, HR Consultant, United States, Member This issue is of the essence in all planning and decision making. To put it another way, what does not anchor bias, especially in the hothouse environ... |
|
| |
|
Decision Making - 6 Hats
Marcel Wiedenbrugge, Consultant, Netherlands, Member I think 6 hats is certainly a nice model, but it does not tell me how to make decisions, it only structures the decision making process. Many business... |
|
| |
|
6TH Expands Decision Making
Venta Longman, Turnaround Manager, Jamaica, Member KIF are definitely influencers in decision making but to the extent that we have to strategically sift these consciously or unconsciously in arriving ... |
|
| |
|
The WRAP Model of Decision-Making
Alan Kennedy I think Mr. Wiedenbrugge makes an important observation. Decision-makers should understand concepts such as anchoring bias.
In their new book, |
|
| |
|
Understanding the Basic Power of Disagreement
J Braun, Entrepreneur, United States, Member I work in a family organization, and it's a fair statement to say that my father and I are more than willing to share our opinions with each other. |
|
| |
|
Constantly Operating Contingencies
Tom Wilson, HR Consultant, United States, Member @ Makini: I agree completely. In fact, the more experience one has, the more one becomes aware of the shadow that fal... |
|
| |
|
AB Can Be Avoided..
Jim Carwardine, Business Consultant, Canada, Member Many decisions are made in a Problem-Solving (PS) mode or mindset, allowing AB to invade that mindset.
PS is based in a structural conflict where... |
|
| |
|
Decision Making Viz-a-Viz Bias
Oluyemi Anjorin, HR Consultant, Nigeria, Member Decision making requires critical thinking and critically observing facts. Critical/creative thinking is important in decision making. You may have th... |
|
| |
|
Objectivity and Self Inquiry
Damodaram Kuppuswami, Consultant, India, Member One possible approach could be enhancing objectivity progressively. A major obstacle is being judgemental guided by one's own KIF. There must be mecha... |
|
| |
|
Role of Good Association
srinivas, Lecturer, India, Member @ Tom Wilson: Does good association help with disassociation of an impression (data) in our consciousness? I think it... |
|
| |
|
Decision Making, Age Contribute to Biasness
shashinhale Wanna, Project Manager, Tanzania, Member I'm sorry to say that "the older people become, the more one sided they become". This brings bias in decision making. Many people of age prefer to say... |
|
| |
|
Action as Meditation
Tom Wilson, HR Consultant, United States, Member @ Satya Nistala: While I agree with you in the main, there is a bias towards action in Christianity. The Lord's Praye... |
|
|
|
|
|
Special Interest Group Leader
|
|
|
Anchoring Bias
|
|
|
|
|
|
|
|
