Avoiding Faulty Decision-Making

Avoiding Faulty Decision-Making

Updated Jan 03, 2019
Understanding decision-making traps can help you avoid and manage them. Biases can cause a person to ignore obvious information or incorrectly believe in their ability to predict events. Anchoring and framing biases show the importance of the way problems or alternatives are presented in influencing one's decision. Escalation of commitment demonstrates how the desire to be consistent or avoid admitting a mistake can cause someone to continue investing in a decision that is no longer prudent.