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Avoid These Common Decision Traps and Errors

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Decision-making and Valuation

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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).
 

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2
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... Sign up

 
1
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 mention... Sign up

 
2
Gary Wong
Consultant, Canada
 

Numerous Decision-making Errors

James: Yes, advances in the cognitive sciences have revealed numerous decision-making errors that hu... Sign up

 

More on Decision-making and Valuation:
Methods, Models and Theories
Discussion Topics
topic Rational Decision-making
topic Decision-making According to Peter Drucker
topic 5 Steps to Learn from your Mistakes
topic 15 Obstacles to Making Decisions
topic The Role of Optimism in Decision-Making
topic Why a Leader Must Make Informed Decisions
👀Avoid These Common Decision Traps and Errors
topic Decision Making Process not Only for Managers
topic Conscious and Unconscious Decision-making
topic Individual versus Organizational Decision-making
topic Improving the Decision-making by Managers: Choice Architecture
topic Decision-making Reviews?
topic How to Choose the Appropriate Decision-making Method
🔥 6 Ways of Dealing with Uncertainty at Work
topic The Role of Opinions in Decision-making
topic Good Judgment in Decision Making
topic Making no Decision at All
topic What Makes a Manager Into a Good Decision-maker? 10 Traits for Decision Making
topic Avoid Hasty Decision-making
topic The Role of Religion in Decision Making
topic Silence Following a Decision is Sometimes Seen as Agreement
topic What is Institutional Theory?
topic Apps for Decision-making
topic Reasoning in Decision Making
topic Role of Artificial Intelligence in Organizational Decision-making


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More on Decision-making and Valuation:
Methods, Models and Theories
Discussion Topics
topic Rational Decision-making
topic Decision-making According to Peter Drucker
topic 5 Steps to Learn from your Mistakes
topic 15 Obstacles to Making Decisions
topic The Role of Optimism in Decision-Making
topic Why a Leader Must Make Informed Decisions
👀Avoid These Common Decision Traps and Errors
topic Decision Making Process not Only for Managers
topic Conscious and Unconscious Decision-making
topic Individual versus Organizational Decision-making
topic Improving the Decision-making by Managers: Choice Architecture
topic Decision-making Reviews?
topic How to Choose the Appropriate Decision-making Method
🔥 6 Ways of Dealing with Uncertainty at Work
topic The Role of Opinions in Decision-making
topic Good Judgment in Decision Making
topic Making no Decision at All
topic What Makes a Manager Into a Good Decision-maker? 10 Traits for Decision Making
topic Avoid Hasty Decision-making
topic The Role of Religion in Decision Making
topic Silence Following a Decision is Sometimes Seen as Agreement
topic What is Institutional Theory?
topic Apps for Decision-making
topic Reasoning in Decision Making
topic Role of Artificial Intelligence in Organizational Decision-making
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Decision-making and Valuation



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