Confirmation Bias- The unconscious avoidance of information that does not confirm beliefs or ideas we presently hold. The tendency to rely on information that confirms our beliefs.
The ability to make good decisions is a necessity in business. Short term decisions can have long term effects. One of the most important factors in making any decision is evaluating information. So important is information that entire divisions within corporations are dedicated to managing it. Universities are offering education and granting degrees in this discipline. One of the many issues facing managers is not the availability of information, instead it is the avoidance of information that does not confirm a belief or idea already supported by the manager. Managers will instead seek out information that supports their already biased opinion. Managers need to be cognizant of confirmation bias in order to avoid the pitfalls associated with it. One way that managers can do this is by working in groups. A group allows for more than one interpretation of information and a free exchange of ideas. Managers need to empower the group to speak freely, but must prevent group think from controlling objectivity.
The ability to make good decisions is a necessity in business. Short term decisions can have long term effects. One of the most important factors in making any decision is evaluating information. So important is information that entire divisions within corporations are dedicated to managing it. Universities are offering education and granting degrees in this discipline. One of the many issues facing managers is not the availability of information, instead it is the avoidance of information that does not confirm a belief or idea already supported by the manager. Managers will instead seek out information that supports their already biased opinion. Managers need to be cognizant of confirmation bias in order to avoid the pitfalls associated with it. One way that managers can do this is by working in groups. A group allows for more than one interpretation of information and a free exchange of ideas. Managers need to empower the group to speak freely, but must prevent group think from controlling objectivity.