What are some common decision-making biases in business?

What are some common decision-making biases in business?

Common biases include confirmation bias, anchoring bias, and overconfidence bias. Would you like to know more about any specific one?

Can you explain confirmation bias?

Confirmation bias is the tendency to favor information that confirms existing beliefs while ignoring contradictory evidence.

How does anchoring bias affect business decisions?

Anchoring bias occurs when individuals rely too heavily on the first piece of information they encounter, which can skew their decision-making.

What strategies can businesses use to mitigate these biases?

Businesses can implement structured decision-making processes, encourage diverse viewpoints, and promote a culture of questioning assumptions.