Most common mistakes managers make in their decisions:
Collecting together information which is not complete and reach conclusions without taking a few minutes to think about the crux of the issue youâ€™re facing or to think through how you believe decisions like this one should be made.
Setting out to solve the wrong problem because youâ€™ve created a mental framework for your decision, with little thought, that causes you to overlook the best options or lose sight of important objectives.
Lack of Frame Control:
Failing to consciously define the problem in more ways than one or being unduly influenced by the frames of others.
Over-confidence in Judgment:
Failing to collect key factual information and taking a wrong decision because you are too sure of assumptions and opinions.
Relying inappropriately on â€˜rules of thumbâ€™ such as implicitly trusting the most readily available information or anchoring too much on convenient facts.
Some other important aspects:
Believing you can keep straight in your head all the information youâ€™ve discovered, and therefore â€˜winging itâ€™ rather than following a systematic procedure when making the final choice.
Group Failure – Assuming that with many smart people involved, good choices will follow automatically and therefore failing to manage the group decision-making process.
Fooling on Feedback – Failing to interpret the evidence from past outcomes for what it really says, either because of your ego or because you are tricked by hindsight effects.
Not Keeping Track – Assuming that experience will make its lessons, available automatically, and therefore failing to keep systematic records to track the results of your decisions and failing to analyze these results in ways that reveal their key lessons.
Failure to audit your decision process – Failing to create an organized approach to understanding your own decision making, so you remain constantly exposed to all the other nine decision traps.