Confirmation Bias
Description: The tendency to seek out or favor information that confirms existing beliefs.
Overcoming Actions: Actively search for disconfirming evidence and play devil’s advocate to challenge assumptions.
Anchoring Bias
Description: Relying too heavily on the first piece of information (the “anchor”) when making decisions.
Overcoming Actions: Consider multiple reference points and adjust initial estimates with additional data.
Availability Heuristic/Bias
Description: Overvaluing information that is most recent or easily recalled, rather than what is most representative.
Overcoming Actions: Supplement intuitive judgments with systematic data and broader research.
Information Bias
Description: Seeking excessive or irrelevant data even when it does not directly affect the decision outcome.
Overcoming Actions: Focus on gathering only the key pieces of information that have a direct impact on the decision.
Base Rate Fallacy
Description: Ignoring general statistical information (base rates) in favor of specific anecdotes or details.
Overcoming Actions: Incorporate robust statistical data and consider the broader context.
Representativeness Heuristic
Description: Judging probabilities based on how similar an example is to a typical case, rather than using statistical reasoning.
Overcoming Actions: Validate assumptions by comparing with objective, quantitative data.
Framing Effect
Description: Decisions are influenced by the way information is presented (e.g., as gains vs. losses).
Overcoming Actions: Reframe the problem in multiple ways to see if conclusions change.
Halo Effect
Description: Letting a positive impression in one area influence overall judgment in unrelated areas.
Overcoming Actions: Evaluate different aspects of a product or decision independently.
Salience Bias
Description: Focusing on the most noticeable or striking features rather than the complete picture.
Overcoming Actions: Systematically assess all relevant factors, not just the most prominent ones.
Mere Exposure Effect
Description: Favoring options simply because they are more familiar.
Overcoming Actions: Deliberately explore new or less familiar alternatives with an objective lens.
Illusory Correlation
Description: Perceiving a relationship between variables even when none exists.
Overcoming Actions: Rely on data analysis to verify or refute suspected correlations.
Overconfidence Bias
Description: Overestimating one’s own abilities or the accuracy of one’s predictions.
Overcoming Actions: Seek external feedback and use probabilistic thinking to temper expectations.
Optimism Bias
Description: Expecting outcomes to be more favorable than they likely are.
Overcoming Actions: Conduct realistic scenario planning and include conservative estimates.
Pessimism Bias
Description: Overestimating the likelihood of negative outcomes.
Overcoming Actions: Balance negative forecasts with data-driven insights on potential upsides.
Hindsight Bias
Description: Believing, after an event has occurred, that the outcome was predictable.
Overcoming Actions: Document decision-making processes and uncertainties before outcomes are known.