EP06 - Cognitive Bias - Part 1!
from Learning from failures. Hosted by Kunwar
We are prone to biases and even though we have come up with great tools for decision making such as probability theory, statistics, optimisation techniques, logic, and yet since it is computationally expensive, we cannot use it for quick decision making. Then we rely on hunches and instincts. And thus, we introduce bias to the equation. In retrospect, bias is a way for us to quickly make a decision about something. It doesn’t have to be right or wrong. For some among us, decision making is something that we either will do or have done, we are more prone to biases than someone who is not that position. As a business owner, it is part of our daily life and so more room for biases to influence our lives and work. Cover Art by Yugantar Malhotra
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