Hidden Traps in Decision Making — are no more hidden traps for you all
Unveiling the intricate web of life’s pitfalls, “The Hidden Traps” explores the subtle snares that often elude our attention. From mundane routines to grand ambitions, what traps lie in wait? Can you spot the subtle pitfalls that may be hindering your progress?
Diving into the labyrinth of the mind, “Eight Psychological Traps” unmasks the mental pitfalls that shape our decisions. From confirmation bias to the allure of instant gratification, are you ensnared without realizing it? Join us in dissecting these cognitive traps, understanding their impact, and empowering yourself against their subtle influence.
A few solutions to all these traps are:
- Anchoring Trap
Solution: To mitigate its effects, it is recommended to view problems from different perspectives and use alternative starting points and approaches.
2. Status-Quo Trap
Solution: To counter this trap, it is important to avoid choosing the status quo simply because it is comfortable and to be aware of its influence on decision-making.
3. Sunk-Cost Trap
Solution: To address this, it is suggested to acknowledge that some good ideas may end in failure and encourage cutting losses rather than letting them mount.
4. Confirming-Evidence Trap
Solution: To mitigate its effects, it is important to challenge others with different frames and seek out conflicting information.
5. Framing Trap
Solution: To counter this, it is recommended to pose problems in a neutral, redundant way that combines gains and losses or embraces different reference points.
6. Overconfidence Trap
Solution: To reduce its effects, it is advised to take a disciplined approach to making forecasts and judging probabilities, and to challenge estimates by considering extreme scenarios.
7. Prudence Trap
Solution: To avoid this, it is important to recognize that too much prudence can sometimes be as dangerous as too little and to challenge overly cautious estimates.
8. Recallability Trap
Solution: The best protection against all psychological traps is awareness, and taking action to understand and avoid these traps can increase confidence in decision-making.
These solutions aim to help individuals recognize and guard against the psychological traps that can impact decision-making, ultimately leading to more sound and reliable decisions.
Thank you, John S. Hammon, Ralph L. Keeny, Howard Raiffa and Harvard Business Review for an insightful article
Those who are interested in reading the full article click on the following link https://hbr.org/1998/09/the-hidden-traps-in-decision-making-2
