To be or not to be? That is a decision. As an executive, making decisions is a big part of the the job. But making decisions can be tough, paralysing even, when you know that a bad decision can impact, not just yourself, but those you work with. The next time you need to make a big decision, keep an eye out for these four simple decision making traps, to help you out! 1) Mental anchoring When considering a decision, our minds tend to favor the information we are presented with first. This is known as anchoring. Seek alternative viewpoints and watch out for anchors in negotiations. 2) Gravitating towards the status quo Decisionmakers at the executive level have a propensity for making choices that perpetuate the status quo. Compare the status quo to your goals to see where your choices are taking you. 3) Justifying sunk costs Sunk costs are old, irrecoverably bad investments of time and money. Sunk costs can become mental baggage and impair our decision-making. Cultivate a culture where people are unafraid to own up to their mistakes. 4) Succumbing to confirmation bias Confirmation bias makes us seek out information that will support our presuppositions and dismiss contradicting evidence. Question all your information, be honest with yourself about your motives and stay away from yes-men. https://www.ptechpartners.com

1. 4 DECISION
MAKING
TRAPS
To Watch Out For
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2. Mental
Anchoring
Mental
Anchoring
When considering a decision,
our minds tend to favour
the information we are
presented with first.
This is known as anchoring.
Seek alternative viewpoints and watch
out for anchors in negotiations.
www.ptechpartners.com

3. l
g Gravitating
towards the
status quo
Decisionmakers at the executive
level have a propensity for
making choices that perpetuate
the status quo.
Compare the status quo to your goals to
see where your choices are taking you.
www.ptechpartners.com

4. Justifying sunk costs
Sunk costs are old, irrecoverably bad investments
of time and money. Sunk costs can become mental
baggage and impair our decision-making.
Cultivate a culture where people are
unafraid to own up to their mistakes.

5. Succumbing
confirmatio
Succumbing to
confirmation bias
Confirmation bias makes us seek
out information that will support
our presuppositions and dismiss
contradicting evidence.
Question all your information,
be honest with yourself about
your motives and stay away
from yes-men.
www.ptechpartners.com