Do we pride ourself on being a good decision-maker? Well, chances are we aren’t one, and don’t even know it. Like everyone else, we’re subject to cognitive bias, a limitation in our thinking brought about by errors of memory, miscalculation or social attribution. Not all biases are negative, however. The placebo effect, for example, is important in the search for new medicines. This cognitive bias can be so powerful that by simply telling a patient a new drug will make them better, they begin to believe it.
What we know is not much more reliable than what we remember, either. In a recent Forum session titled What If Your Mind Can Be Read, Duke University professor Nita Farahany described how researchers were able to create false memories through persuasion. This isn’t as sinister as it sounds: the drug propranolol has shown promise in reducing anxiety and trauma; it could even be offered to victims of traumatic accidents or violent crime, disconnecting their emotions from their troubling memories and alleviating suffering.
This chart, compiled by Business Insider, shows 20 common cognitive biases that trip us up in our decision-making.
H/T Donald Armbrecht
Indrosphere 
Great write up… quite right!
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Thanks a lot!
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🙂
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Nice piece…very accurate!
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Liked the graphics
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Yes cognitive bias + emotions influence our decision making, at times much more than we realize or accept. Similarly how information is presented to us also impacts our decision making.
Sir, sharing with you my post on Decoding the Power of Emotions on Decisions http://wp.me/p3RQLD-EC
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Nicely explained with the graphics. Decisions are often biased and situation specific….
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Superb! I wish if you can explain all points in little detail in upcoming blogs. Everyday we make a good or bad decision, but never thought it can be categorized or algorithmised.
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I’ve always thought to be a decision maker, not bad or good. If I make a bad decision, it becomes apparent eventually. If I make a good one, I’m golden. But if I make no decision, nothing good or bad happens.
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Doing nothing is also an action; not making a decision is making a decision! 🙂 Thanks for stopping by.
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True, but often I have found myself stuck in the analysis of a decision rather than simply making one.
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In such cases, I trust my instincts, and make judgements on what my heart tells me believing that the heart will not betray me. 😉
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I found myself nodding multiple times as I went through your article, remembering the time when we had to hire our first key employees. In fact, we have penned our thoughts on the same. Do check it out!
http://blog.aasaanjobs.com/2016/01/28/7-problems-hiring-key-people-startup/
And do keep coming out with infographics such as this one!
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Thanks Dinesh for dropping by.
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