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