We all like to know we’re correct. The words “you were right” are music to our ears. But when identifying bias, receiving confirmation isn’t always a good thing. In this video, Stacey walks through examples of confirmation bias and where it appears in real-life situations.
- [Narrator] Confirmation Bias is described…by Harvard Business Review as,…Seeking out evidence that confirms our initial perceptions,…ignoring contrary information.…It's a little like a debate.…Each side prepares for their argument…with facts, figures, and studies…that will support their position.…And, they'll disregard or find fault…with the opposing viewpoint, to win the debate.…Confirmation bias can make a bad situation worse…because we double-down and dig in our heels.…We seek out information and evidence…that justifies our position,…or makes us feel like we were right all along.…
For example, let's say Bob has an idea for a new product,…that he believes will be well received by the public.…He does market research and presents findings…that support his initial idea.…When his co-worker presents data…that shows the product won't be profitable,…Bob discounts it.…Bob has data, his co-worker has data,…and both people believe their data proves the point.…Confirmation bias becomes a problem…when Bob pushes the product to market,…
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- Recognize when unconscious bias occurs and why it's important to understand.
- Explore how unconscious bias is relevant in the business worlds.
- Identify three strategies to counteract potential unconscious bias.
- Define confirmation bias.
- Review the meaning of the Halo Effect.
- Explore the effects groupthink can have in a professional setting.