common biases and errors in decision making Common biases & errors in decision making confirmation bias this represents a specific case of selective perception: we seek out information that reaffirms our past choices, and we discount information that contradicts them.
{"Image DocumentName": "Common Biases and Errors", "Image ImageDescription": "Overconfidence Bias. As managers and employees become more knowledgeable about an issue, the less likely they are to display overconfidence. Anchoring Bias. A tendency to fixate on initial information and fail to adequately adjust for subsequent information. Confirmation Bias. Seeking out information that reaffirms our past choices and discounting information that contradicts past judgments. There are many biases and errors that occur in the decision-making process. The overconfidence bias is when you believe too much in your own ability to make good decisions. The anchoring bias is when you make your decisions based on the information you received first and not on the new information received. The next error often made is with the confirmation bias while during the decision-making process you only use facts that support your decision.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}