Furthermore, another bias that altered my decision to buy that store was the overconfidence bias. Overconfidence bias is the tendency to overestimate an objective while making a decision (Jain, Jain, & Jain, 2015). I performed forecasts and future …show more content…
For example, if I ask a group of employees to create a plan to allow me to open a bakery-deli in my store, I would ensure that they are making the right decisions while refraining from these biases. I would guide them in the right direction and then supervise and point out each bias they will obtain during their decision making. Then, I would see If they could correct their mistake on their own and get the decision-making process back on track. When making decisions it is easy to get off track and jump to conclusions which are why it is smart to weight out every possibility that can occur during the decision making