In their book, Mind Tools for Managers, James Manktelow and Julian Birkinshaw detail the key skills needed to be a good boss, with avoiding psychological bias being among them. Psychological bias is when you make a decision or take actions that go against systematic logic.
According to Manktelow and Birkinshaw, five common forms of psychological bias to avoid include:
- Confirmation bias
- Overconfidence bias
- Gambler’s fallacy
- Fundamental attribution error.
Find examples of the five forms of bias and how to avoid them in an excerpt from Mind Tools for Managers that was republished in Texas REALTOR® magazine.