5 Hidden Traps In Decision Making, You Should Know

By Mahima Sharan16, Jul 2023 11:40 AMjagranjosh.com

Hidden Traps

The most significant responsibility of every executive is making decisions. Tap to know about these hidden traps in decision-making.

The Anchoring Trap

This trap tends to rely on the first piece of information that we learn. Initial perceptions, estimations, or data serve.

The Status-Quo Trap

We all think that our decisions are logical and unbiased. But the truth is that we all have prejudices which affect the decisions we took.

The Framing Trap

The question framing is the initial step in decision-making. The decisions you make can impact by how a problem is phrased.

Estimating and Forecasting Traps

Majority of us are skilled at estimating things, this is because we regularly judge and receive accurate feedback.

The Overconfidence Trap

Most of us aren't good at estimating or forecasting, but we tend to overestimate our ability. That may result in decision mistakes.

Conclusion

Particularly for people whose businesses depend on them, the psychology of decision-making is fascinating and well worth it.

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