We can’t always avoid the distortions ingrained in the way our minds work, but we can build in tests to make our decision-making processes more reliable, thus improving the quality of the choices we make. To avoid this trap, you need to reframe the question in various ways to see how your thinking may change based on each version. The way a problem is framed can influence how you develop solutions. We are likely to throw good money after bad to defend our position and avoid admitting a mistake.We only look for evidence that confirms our preferences.We have a tendency to stick with the status quo.Other pitfalls that distort our reasoning abilities and cater to our biases are identified in the classic 1998 Harvard Business Review article “The Hidden Traps in Decision Making,” by John S. These are just two of the well-documented psychological traps that ensnare most managers at some point in their careers. On the flipside, other managers are cautious to a fault: They take costly steps to defend against unlikely outcomes. Some managers are too optimistic and overconfident: They overestimate success and underestimate the range of potential outcomes. Working Resources - The 8 Traps of Decision Makingīefore making an important decision, prudent managers evaluate the situations confronting them - and often fall into one of the eight traps of faulty thinking.
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