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THE HIDDEN TRAPS IN DECISION MAKING
- 1. THE HIDDEN TRAPS IN DECISION MAKING
- 2. Research reveals a number of traps that affect how we make business decisions. Though we can’t get rid of them, we can become more aware of them, monitoring our decision making.
- 3. Traps of Decision Making • Anchoring • Status Quo • Sunk Cost • Confirming Evidence • Framing • Overconfidence • Prudence • Recallability
- 4. Anchoring 1 What we see or hear first feels most important. Which gives disproportionate weight to the information received.
- 5. WHAT TO DO ABOUT IT The Anchoring Trap • Take a different perspective • Think before asking • Seek input • Avoid anchoring others
- 6. Status Quo 2 We prefer things to stay the same even when better alternatives exist.
- 7. WHAT TO DO ABOUT IT The Status Quo Trap • Consider your objectives • Know you have options • Don’t exaggerate switching costs • Don’t settle
- 8. Sunk Cost 3 We make decisions that justify past choices even when they no longer seem valid.
- 9. WHAT TO DO ABOUT IT The Sunk Cost Trap • Involve outsiders • Accept that mistakes happen • Allow room for failure
- 10. Confirming Evidence We seek information that supports our existing point of view and reject anything that doesn’t. 4
- 11. • Consider all evidence • Find a devil’s advocate • Avoid people who don’t agree with you WHAT TO DO ABOUT IT The Confirming Evidence Trap
- 12. Framing 5 The way we state the problem influences what we decide. We misstate a problem by defining a choice as a gain or a loss, even when it’s really neither one.
- 13. WHAT TO DO ABOUT IT The Framing Trap • Always reframe • Think in neutral terms • Challenge other’s frames
- 14. Overconfidence 6 We tend to trust our own estimates too much. We put too much trust in the accuracy of our forecasts.
- 15. • Look at the extremes • Challenge those extremes • Question estimates WHAT TO DO ABOUT IT The Confirming Evidence Trap
- 16. Prudence 7 We adjust estimates to be “on the safe side.” We often use excessive caution when we try to predict uncertain events.
- 17. WHAT TO DO ABOUT IT The Prudence Trap • Aim for accuracy • Ask others to do the same
- 18. Recallability 8 We are overly influenced by our past experiences. Which prompts us to give undue weight to recent dramatic events.
- 19. • Examine assumptions • Check the facts WHAT TO DO ABOUT IT The Confirming Evidence Trap
- 20. Awareness Your Best Weapon The best protection against all psychological traps is awareness.
- 21. YOU CAN CONTACT US AT ThankYou 00966 56 100 4748 info@dtechsystems.co www.dtechsystems.co