nine common decision making biases
the confirmation bias
a tendency to search for information that does not support one's data
the overconfidence bias
the bias in which people's subjective confidence in their decision making is greater than their objective accuracy
the framing bias
the tendency of decision makers to be influenced by the way a situation or problem is presented to them
the hindsight bias
the tendency to believe, after learning an outcome, that one would have foreseen it
the representativeness bias
the tendency to generalize from a small sample or a single event
the anchoring and adjustment bias
the tendency to make decisions based on an initial figure
the availability bias
the use of info readily available from memory to make judgements
the sunk-cost bias
when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it
the escalation of commitment bias
whereby decision makers increase their commitment to a project despite negative information about it