How does cognitive bias influence decision making, and how can it be mitigated?
- Cognitive bias can lead to distorted judgments and decisions based on subjective factors rather than objective analysis. Mitigation strategies include awareness training, seeking diverse perspectives, and employing decision-making frameworks.
- Cognitive bias enhances decision-making by incorporating personal experiences and intuition.
- Cognitive bias has minimal impact on decision-making in managerial roles.
- Cognitive bias can be eliminated by relying solely on data-driven decision-making.
Cognitive biases can cloud judgment and lead to suboptimal decisions. By understanding and recognizing common biases, individuals can actively mitigate their effects through techniques such as seeking diverse perspectives and employing decision-making frameworks like cost-benefit analysis.
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