Overconfidence- An estimation of our own abilities or the accuracy of our judgment that is generally exaggerated.
When evaluating performance of others, deciding which employees to promote, or when making decisions for a project, managers have to be careful not overestimate their own abilities. People often exaggerate their ability to be correct. Sometimes they will base this belief off of prior decisions when they were correct, but they often ignore times when they have been wrong. This overconfidence can lead to delayed projects, projects coming in over budget, and ineffective leadership roles assumed by people they promote. During projects you can use cross functional management roles to assist in decision making. This allows the managers from those specific divisions to provide guidance, as well as offer advice to the project manager.
When deciding on who to promote into leadership roles you can use a panel. The panel can be a panel of your peers or the panel can consist of direct reports, as well as peers. The panel should be involved in the pre-interview selection process, as well as the formal interviews themselves.
When evaluating performance of others, deciding which employees to promote, or when making decisions for a project, managers have to be careful not overestimate their own abilities. People often exaggerate their ability to be correct. Sometimes they will base this belief off of prior decisions when they were correct, but they often ignore times when they have been wrong. This overconfidence can lead to delayed projects, projects coming in over budget, and ineffective leadership roles assumed by people they promote. During projects you can use cross functional management roles to assist in decision making. This allows the managers from those specific divisions to provide guidance, as well as offer advice to the project manager.
When deciding on who to promote into leadership roles you can use a panel. The panel can be a panel of your peers or the panel can consist of direct reports, as well as peers. The panel should be involved in the pre-interview selection process, as well as the formal interviews themselves.