Don’t Let This Type of Thinking Cost Your Business

In their book, Mind Tools for Managers, James Manktelow and Julian Birkinshaw detail the key skills needed to be a good boss, with avoiding psychological bias being among them. Psychological bias is when you make a decision or take actions that go against systematic logic.

According to Manktelow and Birkinshaw, five common forms of psychological bias to avoid include: 

1. Confirmation bias

2. Anchoring

3. Overconfidence bias

4. Gambler’s fallacy

5. Fundamental attribution error.

Find examples of the five forms of bias and how to avoid them in an excerpt from Mind Tools for Managers that was republished in Texas REALTOR® magazine. 

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