Tag: cognitive biases
Protect yourself from poor COVID-related decisions by being aware of cognitive biases -- particularly the normalcy bias, attentional bias, and planning fallacy -- and making strategic plans that can prevent your gut reactions from taking over.
The choice that feels most comfortable to your gut is often the worst decision for your bottom line. To be a truly wise decision maker, you have to adopt counterintuitive, uncomfortable, but highly profitable techniques to avoid business disasters by making the best decisions. That's the key take-away message of this episode of the Wise Decision Maker Show, which describes the Wise Decision Maker Movement Manifesto.
We intuitively overestimate how well others read us and how well we read others in negotiations, a dangerous judgment error called illusion of transparency. This mental blindspot leads to disastrous results in negotiations and other important communications.
Want to avoid the dangerous judgment errors that scholars in cognitive neuroscience and behavioral economics call cognitive biases in your work? This videocast and podcast will help you defeat all types of cognitive bias!
To address unconscious cognitive biases in your workplace, you need to evaluate thoroughly their impact on your own professional activities, as well as more broadly in your team and organization, and make and implement a plan to address the problem.
To prevent a project or process disaster, imagine that it completely failed. Then, brainstorm all plausible reasons for failure, and generate solutions to these potential problems. Integrate these solutions into your project or process. To maximize project or process success, envision that it succeeded spectacularly. Brainstorm likely reasons for such success, and generate strategies that would lead to such success. Integrate these strategies into your project or process.
Caption: Sad business woman (pxhere) Facebook’s Cambridge Analytica data breach scandal led to a massive fall in the Facebook’s stock price, governments around the world...
Dr. Hal Arkes Our minds are wired to make irrational decisions and commit a wide variety of thinking errors, called cognitive biases by scholars. Yet...