Part of practising fact-based decision making is to overcome any cognitive bias that has been influencing the way we think, what we believe in, and how we decide and judge on a daily basis.
To achieve this, we must first be able to build awareness on ourselves and identify signs that suggest the types of biases that we possess. Some of them can be those that we have recognised, while others can be so subtle we might not even realise that we have been doing it all the time.
For example, if we only pay attention on news reports and features that confirm our opinions, or assume that we are already very familiar about a topic we actually barely learn, chances are we have cognitive biases.
We might also have these biases within us if we tend to blame external factors for situations that are not in our favour; take credit for our own achievements while discrediting other people’s accomplishments (e.g. thinking that they were purely fortunate to be successful); and assuming that everyone shares our beliefs and opinions.
Cognitive biases are the result of numerous factors; the most common being our tendency to depend on mental shortcuts or heuristics to make sense of the overwhelming information and complexity surrounding us in making a decision. To an extent, these biases can be helpful, but there will be moments when they can lead to poor decision making.
Other factors contributing to these biases include our emotions, personal motivations, mental limitation in processing information, and pressures we face as members of society.
Here are a few of many forms of cognitive biases that may or may not distort your thinking when making decisions. You can read more about cognitive biases at https://www.verywellmind.com/what-is-a-cognitive-bias-2794963:
- Anchoring bias: The tendency to rely too heavily on the very first piece of information received. For example, a superior’s first impression on his or her subordinates might affect subsequent interactions.
- Attentional bias: The tendency to focus on some things while simultaneously ignoring others. For instance, when deciding to purchase a private vehicle, some may only pay attention to the vehicle’s visual exterior and interior instead of the safety record and the annual payments for insurance and road tax.
- Availability heuristic: Involves placing greater value on information that comes to mind immediately rather than information gathered upon a period of research. So much so that you might end up overestimating or underestimating the likelihood of ‘similar’ occurrences in the future. For example, if you have been reading more reports of drunk driving, you might believe that they account for most road accidents annually.
- Confirmation bias: The favouring of information that aligns to your existing beliefs and discounting evidence that does not conform. In the age of social media, this has made people vulnerable to the spread of misinformation.
