Harvard Business Essentials, Decision Making

• Don’t plant anchors when you seek independent viewpoints.

Independent viewpoints bring strength to the decision-making

process, so when you speak with colleagues and consultants,

avoid making statements like this one: “I think this product

could sell between 20,000 and 30,000 units each year in the

adult men’s market. What do you think?” Instead, keep mum

and let others present their own thoughts.

Overconfidence

Overconfidence in one’s capabilities to forecast the future, assess

risks, control events, and anticipate others’ actions is one of the

greatest and most common decision-making foibles. As Dan Lovallo

and Daniel Kahneman told readers of the

Har ...