The persistent presence of cognitive biases has influenced rational decisions and strategic management since the 1970s. These prejudiced errors in judgment, often systematic and predictable, breach the foundational assumptions of economic theory, leading to dire consequences such as social inequality, financial collapse, and governmental inefficiency. Even the brightest minds are not immune, making it crucial to address these biases head-on.
Overcoming Cognitive Biases in Strategic Management and Decision Making unravels the complex tapestry of biases that infiltrate decision-making processes at all levels. From social injustice biases and reasoning errors to action-inaction and social biases, the book confronts the myriad of ways that biases manifest in critical moments. These pose a significant threat to sound decision-making in various fields, impacting professionals ranging from judges and doctors to public officials. The repercussions of unchecked biases are far-reaching, leading to flawed outcomes that echo through society. The urgent need for a strategic response to mitigate these biases and enhance decision-making processes forms the crux of the problem this book seeks to address.
Overcoming Cognitive Biases in Strategic Management and Decision Making emerges as a beacon of hope in a sea of cognitive biases, offering an integrative overview and actionable strategies to navigate these treacherous waters. With a focus on strategic management, the book equips readers with tools to overcome biases through debiasing, nudging, and optimizing decision-making procedures. Its relevance extends beyond managers to researchers, scholars, and students, providing a transformative resource for those seeking to understand cognitive biases but implement effective strategies for mitigating their impact. By delving into topics such as social injustice biases, reasoning errors, action-inaction biases, social biases, biases in pleasure and pain, and memory biases, Overcoming Cognitive Biases in Strategic Management and Decision Making serves as a comprehensive guide for those striving to make informed, unbiased decisions in an increasingly complex world.