Conclusion

From the above case and the content of the report, It has been concluded that there is information about the different biases have different impacts on decision-making. And most important there is bias present in every bias that has its causes and mitigations by which they can be solved to some extent.

The case study included the four different biases that arise in different organisations that are famous and well established and this bias affects their performance in different ways. The GoPro organization have a bias of pro-innovation and projection bias which gives the idea of the cognitive bias that the strategy post-Covid-19 was a blind spot for them and this strategy helped in a 20% reduction of the person employees. And the technology which has irrational behaviour should be maintained because this organization needs a proper model of decision making and this decision-making should include the bias that arises. And seek the sides of the organization which remain unexplored and allow the problem to solve from the six different points of view.

In the case of Jetstar Airlines which offers low-cost air travel and have the anchoring bias which has the measures are taken into account safety measures and this measure needs flexibility and because of the anchoring bias this leads to the situation of least decision making without understanding the trends which cause problems and to mitigate this there is need of the ideas and trials. With the staff members and communication should be established and this will solve the problem to some extent.

Another bias that is faced by McDonald’s is overconfidence bias which is very dangerous the behaviour of the McDonald’s is changing day by day as this is a global leads organization and not using the data-driven form of the customers which impacts the growth of the organization and also impact the basic of the organization which was discovered and objectives of the organization. Overconfidence of the members also determines the decision-making with the McDonald’s company and customers are now impacted by the marketing trends.

The confirmation and optimism bias also plays a vital role in the organization’s growth that may be needed for the organization as optimization of the resources leads to the negative growth of the organization.

It appears that the biases impact the organisation’s decision-making policy and impact the growth of the organization which can be mitigated through the proper use of the tools and techniques.

References

Croskerry, P. (2013). From mindless to mindful practice—cognitive bias and clinical decision making. N Engl J Med, 368(26), 2445-2448.

http://www.girardslaw.com/library/from_mindless_to_mindful_practice___cognitive_bias_and_clinical_decision_making__redacted.pdf

Phillips-Wren, G., Power, D. J., & Mora, M. (2019). Cognitive bias, decision styles, and risk attitudes in decision making and DSS. Journal of Decision Systems, 28(2), 63-66.

https://www.tandfonline.com/doi/full/10.1080/12460125.2019.1646509