by Michael Arbow, MBA
Partner, RSD Solutions Inc.
Making decisions, be it on which movie to see, what new product to launch or what risk strategy to follow can be difficult. However we tend to reduce this difficulty by unknowingly slipping into three common decision traps, these being:
Anchoring – Giving disproportionate weight to the first information we receive
Status quo – Favoring alternatives that basically keep things the same
Confirming evidence – Finding and following new evidence that validates your point
To avoid these traps, which is difficult as they appear to use common sense, the best approach is to increase the diversity of minds around the table and perhaps even go to the extent of “appointing” a contrarian. For smaller organizations or those with large established departments, you may wish to seek the help of consultants or third parties – as paying for a second opinion sometimes has the benefit of heightening your attention to it.
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