Top 5 decision making biases you should stop immediately

Decision making is one of the primary reasons for a meeting. Making good decisions is a challenging task, especially when in a group setting. Out of the 20 cognitive biases, as reported by the Business Insider, we have picked five that we consider to be of vital importance:

1.   Bandwagon effect

When the majority of the meeting’s participants agree with something, it tends to stand out over the other options, even if it really isn’t the best decision – this is simply called the Group Think. More often, those who are influential or superior may attract more support from others who choose to conform. If this continues, new participants may feel neglected and may choose to keep their ideas to themselves, no matter how good they may be.

small business meeting

© fizkes / Adobe Stock

2.   Overconfidence

Being overconfident with your abilities sometimes leads to wrong decisions. Overconfident people tend to take greater risks because they believe in themselves more than others. This attitude is believed to be more common in experts rather than laypeople. Why…? Quite simply, these people are convinced that they are always right.

3.   Anchoring bias

Some people tend to be over reliant on the first piece of information they receive or hear. In making good decisions, it is important to weigh up ALL the facts.

4.   Choice Supportive Bias

We are all guilty of this. People tend to make decisions based on their choices. There is nothing wrong with this attitude but if you choose something because you like it, as opposed to it being the better decision, then you are being biased. Consider other options to fully understand the best way forward.

5.   Blind spot bias

If you fail to see things in yourself that are perhaps blatantly obvious to others, then you are blind spot biased. Most people are able to see cognitively and motivational biases in others but not in themselves. If you are failing on your self-assessment, it may greatly affect your decision making.

All worthy of your consideration please don’t let these biases ruin your decision making process.

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