. Expert failure ‘usually is the worst kind of failure’ and ‘it’s the overconfidence of experts that can result in spectacular mistakes.’ Normally we think of failure in terms of a deficiency of knowledge, but the truth is that society is suffering far more from failures because of expertise.

2. Myth #1: Experts don’t make disastrous choices
• Often the most damaging decisions come from experts.Why does that
happen?
• It happens because for many decisions that have very serious implications,
we usually depend on experts.
• Due to such passive, unguarded acceptance, when the experts go wrong,
their bad decisions can have devastating consequences.

3. Myth#2:Teams take wiser decisions than
individuals
• Team decision is defined as mode of thinking that people engage in when
deeply involved in a cohesive in-group, when the members’ strivings for
unanimity override their motivation to realistically appraise alternative
courses of action.
• Groupthink cannot be countered by having more knowledgeable members
in the team.
• Involvement of too many people can aggravate the chance of making
mistakes.

4. Myth#3: No one remains locked in a bad decision,
knowingly
• When we make a choice that doesn't work out, we find it remarkably
difficult to cut our losses and walk away.
• Whenever we overinvest our time, energy, or resources in a choice that falls
short of the desired return, we have a tendency to stay locked in it in the
anticipation of change of fortune.
• Many a time, we find ourselves so much committed to a decision that we
are unable to walk away from it.

5. Myth#4: More information leads to better decision
making
• Giving people extra bits of information doesn’t improve their chances of
getting it right.
• It only improves their belief in the accuracy of their own opinion.
• Instead of seeking additional data utilize the existing data efficiently

6. Myth#5: Decision making is purely a logical process
• Brain science makes it clear that mental processes, which we’re not
conscious of, drive our decision making and logical reasoning and are often
just a way to justify emotional choices.
• Research has also proved that no one makes a decision based on logic alone.
• Consciousness is no more than a passive machine running one simple
algorithm — to serve up what’s already been decided, and take credit for the
decision.

7. Myth#6: Good decisions bring predictable
outcomes
• It is unwise to expect that good decisions will necessarily bring predictable
outcomes.
• In a volatile, uncertain, complex and ambiguous (VUCA) environment,
decision making largely depends on transformational thinking and risk-
taking ability.
• Bad Outcomes’ raises an alarm on the fallacy of outcome-based mindset
towards decision making.

8. Myth#7: Good decisions are independently vetted
by many
• J K Rowling’s Harry Potter and the Philosopher’s Stone was rejected by 12
established publishers before Bloomsbury eventually accepted it.
• Clearly, in this case, all those 12 publishers independently arrived at a wrong
choice.

9. ThankYou
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