Overconfidence Effect And Hindsight Bias
Why do we forget the lessons of past projects and underestimate the time, costs and risks of future actions?
Why do we forget the lessons of past projects and underestimate the time, costs and risks of future actions?
Availability heuristic describes our tendency to judge events by the ease with which we can recall similar events
We value objects higher if we have been involved in their creation. The name of this phenomenon is the Ikea Effect
The way choices are presented to us matters! It can greatly influence how we make decisions. Many of those situations in which we face choices are designed in some way
Escalation of Commitment is a human bias that describes our tendency to remain committed to our past behaviours, even if they do not have desirable outcomes
In a consulting engagement, stakeholder analysis helps you prioritise your focus on stakeholders and understand this postures / appetites for change
The bandwagon effect refers to the tendency people have to adopt a certain behavior, style, or attitude simply because everyone else is doing it
Consumers perceive products from certain countries (provenance) authentic and discount the authenticity of competing products from developing markets
The Penguin Effect suggests that both, Penguins and humans, wait for unsuspecting 'somebody' to take the lead on something before joining in
The Hedgehog concept, a framework, helps companies achieve greatness by sharpening focus, avoiding distractions and chasing ephemeral market opportunities
Prospect Theory describes how we compare options and make choices. Our biases, influence the outcomes, especially when we faced losses