Recognising cognitive biases for better decisions
Conclusion: Cognitive bias has the potential to reduce decision-making effectiveness. Although bias can often streamline the process of coming to a decision, the quality of such decisions may suffer. In emerging technology areas such as process and decision automation, as well as in mainstream activities such as procurement and recruiting, unconscious biases can have a significant negative impact on individuals and on business outcomes.
Recognising the most common biases and the tendency for people to exercise these biases will increase the likelihood that sound, defensible decisions will be made. Critical thinking, empathy and actively seeking diversity are all strategies that can be used to manage these risks.