All about Decision-making and Valuation
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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)....
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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?... |
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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 ... |
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Decision-making and Valuation
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