Judgment is influenced by biases and heuristics from "summary" of Judgment in Managerial Decision Making by Max H. Bazerman,Don A. Moore
Judgment, as we navigate through the complex world of managerial decision making, is often clouded by biases and heuristics. These cognitive shortcuts and mental frameworks, while helpful in simplifying the decision-making process, can also lead us astray. Our perceptions and judgments are not always based on rationality or objectivity; they are shaped by our inherent biases and reliance on mental shortcuts. Biases, such as confirmation bias and overconfidence bias, can distort our judgment by leading us to seek out information that supports our preconceived notions and overestimating our own abilities. These biases can prevent us from considering all relevant information and evaluating it objectively. Heuristics, on the other hand, are mental shortcuts that help us make quick decisions based on limited information. While heuristics can be efficient in some situations, they can also lead to errors in judgment. For example, the availability heuristic causes us to give greater weight to information that is readily available in our minds, even if it is not necessarily the most accurate or relevant. Our judgment is further influenced by factors such as our emotions, past experiences, and social influences. Emotions can cloud our judgment by causing us to make decisions based on how we feel in the moment, rather than on a careful consideration of the facts. Past experiences can also bias our judgment, as we may rely on familiar patterns of thinking rather than exploring new possibilities. Social influences, such as groupthink and conformity, can further distort our judgment by leading us to conform to the opinions of others or to prioritize harmony over critical thinking. In the fast-paced world of managerial decision making, these biases and heuristics can have serious consequences. By becoming aware of these cognitive pitfalls and actively working to overcome them, we can make more informed and rational decisions that lead to better outcomes.
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