Summary of “the Hidden Traps in Decision Making” Essay

Yue Li MKTG544 Jaebeom Suh 17/09/2012 Summary of â€Å"The hidden traps in decision making† This article is written by John S. Hammond, Ralph L. Keeney, and Howard Raiffa in 1998. The article talks about many manager were cheated by the presentational right decision and they already fall into the traps. Many Executives likely made the right decision, in fact this is sensory misperception. There are various traps that discussed in article: the anchoring trap, the status-quo trap, the sunk-cost trap, the confirming evidence trap, the framing trap, and the estimating and forecasting traps. A decision maker who make a decision use the historical data, based†¦show more content†¦Four ways to avoid it. Listening to the people was attending the last decisions making. Finding the reason why that mistake puzzled you. Lookout for the influence of sunk cost biases. Don’t let your employee lasting their mistakes. The framing trap shows described a problem or design differe nt decision-making misleading, a design may guide other traps generated. Do not easily accept the initial design. Raise questions in different reference and direction. Throughout decision-making process. There are two basic kinds of mental energy on formation of the confirming evidence trap. One is our subconscious, another interest, likes and dislikes. The two psychological energy intensive the confirmation trap in our decision-making, so we automatically accept information confirms our subconscious ideas. The two psychological energy intensive the confirmation trap in our decision-making, so we automatically accept information confirms our subconscious ideas. Do not unthinkingly accept the arguments of their own identity. Trust your own analyze and accept information. Looking for dare speaking future solicit opinions, but is not looking for people who will go along with. 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