#decision-making

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Common Strategic Decision-Making Pitfalls and How to Avoid Them

Strategic decision-making pitfalls happen by the lack of a clear process or communication, a poor problem's understanding, and a bunch of cognitive biases.

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The anchoring bias occurs when people rely too heavily on the first piece of information they receive when making decisions.

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#cognitive-biases

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#information-processing

Confirmation Bias

Confirmation bias is the tendency to search for, interpret, or remember information in a way that confirms one's preexisting beliefs or hypotheses.

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#confirmation-bias

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It can lead to bad decision-making because group members may not express their own opinions or ideas or may not challenge the views of others in the group.

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Factors to Consider when Making a Strategic Decision

The desired outcome of the decision, the resources available to achieve the desired outcome, the risks associated with the decision, and more.

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A SWOT analysis is a tool that companies can use to assess an organization's strengths, weaknesses, opportunities, and threats.

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#product-management

Decision Mental Models

Decision mental models are frameworks that people use to make decisions.

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Mental models are frameworks, worldviews, representations, or explanations of how something works. They're how we understand the world.

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