Cognitive Bias Essay

Nowadays, businesses are going through stiff competition. Many companies put their best efforts in maximizing their market shares. In this race, those companies lose, which cannot utilize their available resources judiciously. This happens because decisions are made in hurried manner without thinking about the devastating consequences. If you are facing similar problems in making decisions, there are ways to rectify them and bring your business back to right track.
Look at This Example
This example shows how avoiding cognitive bias in meetings can transform the functionality of business. McKinsey studied more than one thousand business investments of various firms in the past. It found that companies that were capable of eliminating cognitive biases during decision- making

By raising your understanding level regarding cognitive biases, you should ask right questions to yourself as well as others. This strategy will throw some light on presence of these biases and the decisions that can be taken to avoid them.
# 3 Favoring Collaboration
Collaboration is the effective measure to mitigate cognitive biases. It is easier to look out for biases in other people than in yourself. When you are attending a meeting, you have to become alert and look for cognitive biases in your team members and take necessary steps for eliminating the same.
#4 Establishing Disciplined Environment
Freewheeling session and brain storming sessions are helpful for generating valuable decision options. Sometimes, these sessions give rise to cognitive biases, which spoil the effective decision making process.
When you create a disciplined environment along with consistent process and framework for making decisions, you raise your chances of figuring out cognitive biases, before they leave negative impact on decision-making