Avoid These Common Decision Traps and Errors

Decision-making and Valuation

Forum
Asim
Accountant, United Arab Emirates

Avoid These Common Decision Traps and Errors

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).

  Gary Wong
Consultant, Canada
 

Use Six Thinking Hats to Avoid Cognitive Bias

Take a look at the Six Thinking Hats forum where members are discussing how using a hat sequence can avoid decision trap...

  James Allam Ejidio
Student (Other), Kenya
 

Any Other Errors in Decision Making?

Are there anymore causes of decision-making errors in an organizations besides those already mentioned?...

  Gary Wong
Consultant, Canada
 

Numerous Decision-making Errors

James: Yes, advances in the cognitive sciences have revealed numerous decision-making errors that humans are prone to ma...

 

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Decision-making and Valuation



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