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Expand Your Mind: Cognitive Bias

by Miki Saxon

My post today has only three links, but the subject matter requires a good deal of thought and (uncomfortable) self-analysis if you are to take advantage of it, so I didn’t want to add anything else.

McKinsey is well-known for its consulting and studies; its newsletters are an amazing resource. Registration is free; I mention this because you will have to register to access information that will be of use whether you are running a Fortune 50 corporation, dealing with teenagers or anything in-between.

Have you heard of cognitive bias? It refers to the set way our brains work, whether we are aware of it or not—mostly not unless you make an effort. Keep in mind that although McKinsey is talking about corporate situations you can tweak the information for use under any circumstances.

  • Behavioral strategy: Yet very few corporate strategists making important decisions consciously take into account the cognitive biases—systematic tendencies to deviate from rational calculations—revealed by behavioral economics. It’s easy to see why: unlike in fields such as finance and marketing, where executives can use psychology to make the most of the biases residing in others, in strategic decision making leaders need to recognize their own biases.
  • Countering biases: Addressing cognitive challenges like these is hard because executives can’t change how their brains work. What they can do is put in place processes for challenging entrenched beliefs and approaches.
  • Visual wrap: A quick, simple summary of the various types of bias.

I am familiar with many of my own biases and have found ways to either avoid or short-circuit them, so I know it is possible. And I encourage you to identify your own—just don’t waste your time trying to change them, because it’s not going to happen.

Image credit:  MykReeve on flickr

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