Managers’ Awareness of Their Decision Making: Discussing Cognitive Biases

Managers are currently confronted with highly complex situations where time constraints and the availability of information make it essential that they have an effective decision-making process. Studies show that in many cases we do not use a rational process to make decisions but instead rely on instinct, emotion, or quickly processed information. The objective of this chapter is to enhance managers’ decision making by understanding the impact their cognitive biases may have on decision making, more specifically on managing people.