Traps in Decision Making
Decision making is an important activity, not only for executives but for everyone in the world. In our day to day life, we make lot of decisions. Starting from choosing between chocolate and strawberry to life and death, we make tons of quick decisions unconsciously. Some of these decisions may not be so important but some can be really vital and may result in disaster. We choose actions from opinions via mental processes which are influenced by biases, reason, emotions and memories. While pursuing AMDA Silver certification, I came across a white paper on Decision Making which explained lot of interesting hidden traps that a decision maker may ignore while decision making. In this blog, I would like to share some of those common traps which we should avoid while making a decision. Anchoring Trap : When considering a decision, mind gives disproportionate weight to the first information it receives. You can try it!! If I ask you two questions: a) ...