Enhance Strategy Execution By Making Better Decisions
We’ve all made a poor choice.
Every person is susceptible to biases that influence our judgment and lead us to make errors. A recent study found it was found that Major League Baseball umpires demonstrated biases and often made mistakes when determining if an unassisted pitch hit is an actual strike or a ball. The study suggests that umpires tend to prefer the home team making a strike call when the pitch actually was the ball more often for home teams as opposed to the team of visitors. Umpires were also sixteen percent less likely mistakenly call a pitch that was outside of the zone as the zone of an All-Star as opposed to an opponent who had never played on the field in any All-Star Game. This bias towards All-Stars was more pronounced when the pitcher was known for precise control, in the form of the career percent of batters who walked.
It might be surprising to find out that these shortcuts and biases aren’t all bad; they aid us in making sense of a world filled with more significant amounts of information that we are able to manage. While they can help us improve our thinking about basics, These biases could cause us to lose sight of the bigger picture and lead to poor decisions regarding essential topics. If we recognize our own biases, we can learn to make better business choices and enhance the effectiveness of our strategy execution.
Five biases are common that hinder our ability to perform.
We’re staying in Our Comfort Zone.
Selecting solutions that we are comfortable with is a way to select items that come to mind frequently. When we face problems, it is common to select solutions from what we’ve read about and previously worked on. We are more at ease and believe that since we’re familiar with the solutions and they’ll be effective for us too.
They are then jumping to conclusions.
We might be prone to draw erroneous conclusions based on specific situations after only seeing one or two instances. We aren’t aware that the specific instance we have relied on may not always reflect the actual situation.
Anchoring happens when we are too heavily dependent on a particular aspect of our thinking process. Once the anchor has been established, it is then a tendency towards adjusting or interpreting the other data to match that “anchored” data. This cognitive bias means that the first information we acquire could influence our decisions.
This is when we are looking for the only evidence that confirms our assumptions or our intuition. When tackling issues, one of the biggest mistakes is to collect information only in the way we want it, focusing on evidence that confirms our assumptions and excluding any data that could contradict them.
In the long run, you are investing in a Failure course of action.
This type of error could occur because of a variety of factors. We do not want to admit that our choice may not be the correct one. Additionally, we do not want to appear indecisive or unreasonable, so we keep hoping for the best, even when evidence doesn’t warrant the need for such a decision. Additionally, in the workplace, that doesn’t continue. It may be seen as a sign of surrender and could harm one’s reputation.
The goal isn’t to eradicate these biases, although they can serve a valuable function – but to be aware of the times when they negatively impact your judgment. It is possible to improve your critical thinking and judgment capabilities by following three principles:
Examine your reasoning processes. This will increase the probability that you’ll recognize and be aware of your biases and gaps in logic.
Follow a consistent process. The ability to judge is improved when you use a systematic method. This provides a complete method for dealing with assumptions making, evaluating arguments, and making conclusions.
• Be aware as well as open-minded to experiences. Through increasing your knowledge base of knowledge and experience, you are better aware of the complexity of issues and different perspectives on the issues. This increases your flexibility and lowers the chance of repeating mistakes and blind spots.
Be aware that, although these guidelines might appear straightforward, they require discipline and focus on ensuring their constant and efficient use.