From the course: Decision-Making in High-Stress Situations
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Overcoming biases in high-stress decision-making
From the course: Decision-Making in High-Stress Situations
Overcoming biases in high-stress decision-making
- When you think, "I knew it all along," it's probably best not to rush out to set up your own psychic hotline, because you want to first consider if what you're experiencing is hindsight bias. Hindsight bias causes us to be overconfident about how effectively and accurately we judge the future. It's a common and costly decision trap, because it causes us to ignore flaws in our decision making that we should address. And we know from the research that like most biases, decision biases feed on stress like hungry sharks at chum party. Another common decision making bias to watch out for, and it's amplified by stress, is the outcome bias, when we focus too heavily on the outcome, rather than the quality of the decision. Bad decisions that lead to good outcomes can result in the wrong people getting credit for making the wrong decisions, and dismissing the right people making the right decisions. My friend Manny's company…
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