Avoid 3 Common Decision-traps

Decision-making and Valuation > Best Practices > Avoid 3 Common Decision-traps

Avoid 3 Common Decision-traps
Asim, Accountant, United Arab Emirates, Member
Making decisions is your most critical job as a leader. The more high-stakes a decision is, the more likely you are to get stuck. Here's how to avoid three of the most common traps:
1. Anchoring Bias. Many people give disproportionate weight to the first information they receive. Be sure to pursue other lines of thinking, even if the first one seems right.
2. Status Quo Bias. Change can be unsettling and it's easy to favor alternatives that keep things the same. Ask yourself if the status quo truly serves your objectives and downplay the urge to stay in your current state.
3. Confirming Evidence Bias. If you find that new information continually validates your existing point of view, ask a respected colleague to argue against your perspective. Also try to avoid working with people who always agree with you (HBR)....Sign up

Use Six Thinking Hats to Avoid Cognitive Bias
Gary Wong, Consultant, Canada, Premium Member
Take a look at the Six Thinking Hats forum where members are discussing how using a hat sequence can...Sign up

Any Other Errors in Decision Making?
James Allam Ejidio, Student (Other), Kenya, Member
Are there anymore causes of decision-making errors in an organizations besides those already mentioned?...Sign up

Decision-making Errors
Gary Wong, Consultant, Canada, Premium Member
James: Advances in the cognitive sciences have revealed numerous decision-making errors that humans are prone to make. Have a look at the ones posted ...Sign up

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