Preview

The Hidden Traps of Decision Making Essay

Satisfactory Essays
Open Document
Open Document
463 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Hidden Traps of Decision Making Essay
The Hidden Traps of Decision Making Essay

We naturally use unconscious routines to face the decision making, whatever the topic we are dealing with. These routines are based on experimentation, trial and error methods, and are proved to be potential psycological traps that may blind the dicision makers and undermine their decisions.

Some traps identified and detailed in this case are: ° Anchoring ° Framing ° Status Quo ° Estimating and Forecasting ° Sunk Cost ° Over-confidence / Prudence ° Confirming Evidence ° Recallability

The best protection against psycological traps is awareness. We have to understand them and avoid having miopia in our perceptions to reduce the probability of falling into the traps…

Past events, trends, initial impressions, estimated or data may modify subsequent thoughts and judgements; they are anchors that can establish terms on which a decision will be made, so it can be used as a bargaining tactic.
We have to view problems from different perspectives, think about a problem by our own before consulting with someone else, be opened-minded but don’t reveal our perception to our advisers.

The status quo trap lies in our desire to protect our egos from damage, avoid criticism and regret. In business taking action tend to be punished more severely than omissions. We must always remind the objectives, identify options in adittion to status quo, evaluate alternatives in terms of future, avoid exaggerating the cost to move from status quo and force ourselves to choose.

Making choices to justify past choices, and the unwill to admit a mistake are definitions to the sunk cost trap,to avoid this we should be less pride and remind that even smart choices have bad consequences, don’t cultivate failure fearing culture, and listen to views of people that are univolved with the earlier decision. The confirming evidence trap occurs when we miss objectiveness following insticts finding in research supporting

You May Also Find These Documents Helpful

  • Good Essays

    Anthony Robbins once said “It’s in your moments of decision that your destiny is shaped.” People make so many quick decisions unconsciously, whereas other decisions are lamented over. Society makes choices and creates opinions through deep mental thought which is influenced by preference, logic, feelings, and reflection. Some people may even question whether free will is a believable concept. Others believe it is all within our own power to make decisions that will lead to greater happiness. Little decisions lead to big consequences because when small and simple decisions are made, big decisions are to come, choices indicate character, and every decision made impacts other decisions.…

    • 544 Words
    • 3 Pages
    Good Essays
  • Good Essays

    In the novice stage a person follows rules that are context-free and feels no responsibility for anything other than following the rules. Competence develops after having considerable experience. Proficiency is shown in individuals who use intuition in decision making and develop their own rules to formulate plans. Expertise is characterized by a fluid performance that happens unconsciously, automatically, and no longer depends on explicit knowledge. Thus, the progression is envisaged as a gradual transition from a rigid adherence to taught rules and procedures through to a largely intuitive mode of operation that relies heavily on deep, implicit knowledge but accepts that sometimes at expert level analytical approaches are still likely to be used when an intuitive approach fails…

    • 440 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Hundreds of years ago determining the outcome of an event or situation was somewhat easier than it is in our present day society. As our world and time evolved so did the people which inhabit it. Going from Point A to Point B is very rarely a straight line anymore, the path is often filled with twists and turns that could end up leading to a point you never saw coming. In psychology especially lies a wide range of topics and concepts that can lead to inaccurate perceptions, cognitions, and conclusions of certain situations. Ideas such as the afterimage effect, availability heuristic, ethnocentrism, groupthink, the lack of object permanence, non-random assignment of research participants, optimistic explanatory style, and proactive interference are all subjects that tend to skew one’s original perspective or path.…

    • 1583 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Mistakes Were Made

    • 548 Words
    • 3 Pages

    Throughout the book, the authors use research and examples from psychology, law, politics, business, education, and relationships to demonstrate the ways in which self-justification is present in all aspects of our lives. The second half of the book goes deeper into the psychology of behavior and how it relates to us on a day-to-day basis. The book also discusses American culture and its fear of mistakes and failure. We think that mistakes mean we are stupid. This attitude means that we try to get rid of them as…

    • 548 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    In order to master critical thinking, the ability to question information and solve problems must be present. The crucial steps that lead to successful decision-making is not based solely on our skills and abilities, but on the strategies that help us get there. All these steps combined allow us to make solid and intelligent decisions. Research on understanding how the mind works is a continuing project at best, but the progress we have made is substantial in the areas of understanding problem-solving and decision-making. This paper will discuss the method(s) used, where they are applied, what role critical thinking plays, and the impact these decisions make.…

    • 1521 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    The Heath brothers wrote the book Decisive in order to help individuals make better decisions in their daily lives: at home, at work, everywhere. So that one can make better decisions, they must first be aware of the villains of the decision making process; these four villains exist in the form of narrow framing (limiting the options we consider), confirmation bias (seeking information that supports our beliefs), short-term emotion (being swayed by fleeting emotions), and overconfidence (having too much faith in our predictions). After the brothers make you aware of the villians you currently face in your decision-making process, they then instruct you on how you can tackle them and make more effective and enhanced decisions. These better choices come about through the WRAP process; ultimately the WRAP process helps you to switch from using an auto spotlight to a manual spotlight. This process enables you to determine where your attention is focused rather than being influenced by whatever catches your eye. WRAP will conquer each of the four villians; narrow framing is replaced with Widening your options, confirmation bias is eliminated through Reality testing your assumptions, short-term emotions can be overcome through Attaining distance before deciding, and finally overconfidence eradicated by Preparing to be wrong.…

    • 1346 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    The main objective of the author is to explain how our minds, in a subconscious way, look at the world around and, given that, they determine a big part of our behavior. To highlight the mental processes that work rapidly and in a automatic way departing from what seems little information. The argument is how the unconscious thought overpowers a logically-thought decision and proves beneficial.…

    • 1382 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Aguiño discusses in her book review, the “illusion of attention” and the “illusion of memory” directly pertain to the emotional reactions of our inadequate or simply wrong decisions. When we fail to pay attention to our surroundings we are bound to miss important information in constructing a more informed decision. Chabris and Simons indicate, “we experience far less of our visual world than we think we do” (as cited in Chabris, et al, 2010, p.7). Although, the experiment Aguiño describes in her review centers on the visual aspects of attention, a gorilla unexpectedly appearing during an activity and quickly disappearing (Aguiño, 2016); she quickly connects our mindless and automatic behaviors generally to the day to day decisions that are affected by this “illusion of attention”. Addressing the connected concept of the “illusion of memory”, Ms. Aguiño explains that “although one might feel very confident in a memory, many things could distort the memory and therefore not be a good base for decision making” (personal communication, Aguiño, September, 2016). The confidence we transfer to our decisions is a direct result of what we know, what we have achieved, and what is happening in a current situation. All of these derive from the concepts discussed in the two…

    • 537 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Janis, I.L, & Mann, L. (1977). Decision making: A psychological analysis of conflict, choice, and commitment. New York: Free Press.…

    • 7928 Words
    • 32 Pages
    Powerful Essays
  • Satisfactory Essays

    Sunk Cost Fallacy

    • 328 Words
    • 2 Pages

    Sunk cost Fallacy is the time and money you put into that it makes it hard for you to quit. It’s positive to quit becuase you will be saving time and money, instead of going through it and wasting more on it. Not only that but, they will feel liberated that they don’t have to do something they don’t want to do. We are prone to make mistakes becuase we are human beings, we aren’t perfect. I have done this so many times, especially with classes in school. I would take some classes and half way over the semester I would get lost and get a bad grade, I wouldn’t drop it because I already paid for the class, there was no point in stopping now. Or when I spend money to build a computer, I wasted so much money on it and I couldn’t just leave it without…

    • 328 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The article touches on unsophisticated decision making tools and techniques. I think it is important to look at some of these examples and understand why they may even be used at all. Some of these practices include: flipping a coin; enee, meenie, minee, mo; and other popular methods like simply picking a number. (Sikula & Sikula, 2008) The truly shocking part is that people rely on these methods with more frequency than one would presume. Sikula & Sikula (2008) go on to elaborate on how people are “immobilized” by difficult decisions. “They procrastinate indefinitely, do nothing, and let the chips fall where they may.” I can relate to this observation as I, as I’m sure most have witnessed it first-hand and may have even participated in from time to time. One of the most dangerous decision making methods, is to rely on the past. Things in life are bound to change, it’s inevitable. As circumstances vary, doing things the same year after year is a sure path to failure, sooner than later. (Sikula & Sikula, 2008)…

    • 901 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Decision Traps

    • 883 Words
    • 4 Pages

    The theory of decision traps outlines the problems managers can face when trying to make a decision for the business. In order to be able to analyse the theory of decision, they must first be defined, to do this effectively this essay will look at the work of Russo and Schoemaker and other theorist who have researched the traps. This essay will then go on to give real life examples of a decision traps to exemplify them effectively.…

    • 883 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Heuristics

    • 332 Words
    • 2 Pages

    Three out of three examples is the anchoring and adjustment. Anchoring and adjustment is what people use to make quantitative estimates. The primary effect and anchoring may combine, for example in regards to a jury opinion can be swayed by an anchor by the first opinion. First impressions are everything but people are better at relative thinking than absolute thinking. Relative thinking is more conclusive because the truths are altered and absolute thinking is more of a common sense thing in today’s functioning society.…

    • 332 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Without looking at a challenge or issue from only one perspective we should keep our minds open to many different ideas that come to us as we look to find the most useful fix to a situation.…

    • 1334 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    The theory of the garbage can model as a decision making vehicle according to the original authors is based upon the assumption that “decision opportunities are fundamentally ambiguous stimuli” (Cohen, March & Olsen, 2001). This concept lends itself well to the organized anarchies that are associated with educational institutions where the authors appear to have formed their theory. They examine concepts such as solutions looking for problems and outcomes being streams of interrelations between problems, Solutions, Participants and Choice opportunities. These concepts are then mapped to a simulation model using a set of processing assumptions based on a set of variables to create a mathematical model. The garbage can concept comes from all these streams of input going into the decision process at different times and seeing what sticks to what at any given time. Hence the decision process is the garbage can and the input going into that process is the garbage.…

    • 378 Words
    • 2 Pages
    Satisfactory Essays

Related Topics