12.5.1. Cognitive Biases

Try these first

1. 1.

   Define cognitive bias.

   Hint

   Think about decision-making errors.

2. 2.

   What is confirmation bias?

   Hint

   Consider how we view evidence.

3. 3.

   What is anchoring bias?

   • Relying on the first piece of information
   • Only using positive information
   • Overestimating abilities

   Hint

   Think of buying a car and the first price you see.

4. 4.

   True or False: Confirmation bias helps in making well-rounded decisions.

   • True
   • False

   Hint

   Think about how we assess evidence.

5. 5.

   You are the manager of a team considering a new project. While reviewing past project data, you find initial statistics encouraging. However, the newer data presents a warning. Analyze how you would address the potential for anchoring bias.

   Hint

   Think about how different viewpoints can mitigate bias.

6. 6.

   In a meeting, a fellow manager insists on pursuing a flawed marketing strategy based on previous success without considering recent changes in the market. Draft a plan illustrating how you might present counterarguments based on evidence to combat confirmation bias.

   Hint

   Consider how to use evidence effectively in discussion.