Is cognitive bias affecting your business decisions?
By Mark Davis, June 20,2022
- To overcome the biases of Anchoring and Availability, always try to imagine two alternatives to the decision you are ready to make.
- When confronted with the Escalation of Commitment, remind yourself that you will not be defined by your failures.
- Mitigate Confirmation Bias by actively seeking out opinions that differ from your own.
- Self-Serving Bias can be treated over time by being humble in success and listing outside factors that contributed to it. Following failures, ask what you, personally, could have done differently.
- If you feel you’re being influenced by Regret Bias, establish rules and a set of boundaries for your decisions.
ABOUT THE AUTHOR
Mark worked for 12 years in broadcast journalism before making the switch to business audiences. A Qontoer since 2021, his focus is on writing copy that speaks frankly and directly to customers.