As it says, we don’t understand the importance of Decisions unless we make the wrong one. Decision plays a vital role in our lives. It is our decision which makes us or breaks us. Hence while making a decision we must be really very careful, but the truth is we behave very lazy while making a decision because of lack of understanding about the importance of the decision, and fact says our Decisions are mostly influenced by Cognitive Biases.
I have made a video related to this topic; those who haven’t watched it yet, do watch it by going to my YouTube channel SeeKen.
Hence today I will discuss the reasons why we make wrong decisions, so let’s begin
1. Lack of Attention
This means while making an important decision, instead of focusing on all the options, you only concentrate on few and ignore the other. This lack of attention make you take a wrong decision. For example, you might believe your product isn’t working good because of poor marketing, so you only concentrate on marketing part and fail to put attention to the other things such as quality, which is also the reason for less response for the product.
Hence Attention is really important while making any decision. Try to focus on all aspects. This is also known as Attention Bias.
2. Follow the crowd
We usually feel what others do and what others are doing is right, hence we start following them. We make our decisions by getting influenced by the crowd, what everyone is doing, even I do it, whether I believe it or not.
For example, Your friends want to go for a movie, even you agree to go them, just because all were going, your boss makes a decision, you know how stupid that decision is, instead of making your boss understand your point you agree to his/her decision just because your entire team agree.
You should always follow your own opinion your own instinct, it is better to walk alone in a right path, then to walk with people going to the wrong path.
This is also known as Bandwagon Effect.
3. Pre-existing judgment
We make decision on the basis of pre-existing judgment, in order to make a decision, we first need to understand things properly, then need to make sure it by collecting proper data, or by collecting proper evidence and then has to make a decision, but what we do is we first make decision and then collect evidence about it.
For example, sometimes you become judgemental about some people, and form a decision of not talking to them, This pre-existing judgment in you, will not help you to make a proper decision.
Hence to make a proper decision, you first need to search, take evidence, to know more about things and then go for decision. Don’t just rush towards the decision just because you have pre-existing judgment in you.
This is also known as Confirmation Bias.
4. Importance of knowledge
While making a decision, many don’t feel like asking others person perspective. For example, if you are a leader, it is good, but you need to ask your team members as well about their perspective, about their opinion. Their advice opinion might give you a way and help you to make a proper decision.
As it says every person you meet in this world, knows something that you don’t
So the thing which might seem difficult to you, and because of which you are finding hard to make a decision, that maybe isn’t that difficult for someone else, and their help can give you a way and can help you to make a proper decision.
5. Make option look better
If you want someone to buy your product, so try to make the option look better, by presenting decision maker with another unfavorable option that puts the original in a more favorable light.
For example, The sales agent want to influence us, so they will show us two product same price same quality but the first option they will say it’s of nice brand and the other one is not of a brand, this decoy effect will make us to buy the first one which has a brand name.
This effect means to make the first option look more appealing by presenting the another unfavorable option, which puts the favorable light on the first option and eventually influences us to buy the first option or to choose the first option.
These were the 5 biases, which affects us while making a decision, if you want to understand this topic more in detail then do watch my video on SeeKen channel.
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