Traps to Avoid

The traps listed below lead to bad decisions. Watch out for them.

To appreciate how often these traps arise, try this: Think about some recent decisions that did not work out. Identify which of the traps below had caught the decision maker. Chances are one or more were at work, leading to the bad decisions.

Mirage: Imagining a problem exists when it does not.

Denial Imagining a problem does not exist when it does.

Trend Following: Assuming the future will be an extrapolation of the past.

Recency: Being overly influenced by the most-recent information.

Overconfidence: Assuming you know more than you really do.

Confirmation Bias: Looking only for evidence to confirm one's belief.

False Urgency: Assuming that action must be taken immediately.

Pain Avoidance: Avoiding a decision because it is painful or uncomfortable.

Myopia Using too narrow a perspective or too short a time frame in deciding.

Sunk Cost: Letting prior investments influence future choices.

© 2011-15 Direction Focus - Web Hosting and Design by InMotion Hosting