4 Common Decision-Making Mistakes That Are Holding You Back - Deepstash

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Decision-making errors

Most decision-making errors boil down to:

  • logical fallacies (over-generalizations, comparing apples and oranges, circular thinking)
  • limiting beliefs (underestimations of what's possible)
  • judgment biases (valuing certain factors above others).

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Confirmation Bias

Confirmation Bias

If you already have an opinion about something before you've even tried to figure it out, chances are you'll over-value information that confirms that opinion.

Think about what kinds of information you would expect to find to support alternative outcomes.

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Attribution Bias

Attribution Bias

The “fundamental attribution error,” is when we excuse our own mistakes but blame other people for theirs.

Give other people the chance to explain themselves before judging their behavior.

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Anchoring Bias

Anchoring Bias

When we’re evaluating an option, we often fixate on the first piece of information we have about it.

Decide in advance what outcome you have in mind.

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The Sunk Cost Fallacy

The Sunk Cost Fallacy

“Sunk costs” are money, time, or effort we’ve already spent and can’t get back.

Cultivate a habit of admitting your mistakes. Ask yourself: If the past didn’t exist and you’re just starting out now, what would you do?”

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