When we come to make decisions we must be aware of the limitations we are faced with. Its more important in thinking about and developing strategies. Do you have enough information? Are you aware of your tendency to weight certain outcomes based on current events and trends?
That is, there is an insufficient spread information in order to make the correct decision, or to choose the optimal pathway.
This is called “availability bias”.
We are making choices and deciding on what path to take based on what is available right now.
A couple of examples. Firstly, a while ago we had the SARS epidemic. Well, there was an uptick in the concerns corporates had for the availability of key people in times crisis & had they could work from home.
And secondly, imagine doing some long-term marketing planning several years ago. During those sessions and workshops where investment in capacity skills where being debated. Would social media expert ever come up? Would the recognition that the forms of on-line marketing would change ever be broached?
One of the ways to counteract this availability bias is to have experts in the field have input to your decision making. Experts with some perspectives on the issue at hand.
But a key way to counteract your availability bias is being aware of it in the first place.
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