Cognitive Bias: How Your Mind Plays Tricks on You and How to Overcome That at Work

Cognitive biases are common thinking errors that hinder rational decision-making, affecting everything around us, including our work. To overcome these biases, one must acknowledge their existence and utilize tools to balance out irrational tendencies. Optimism bias leads to overestimating success odds, while negativity bias causes an excessive focus on negative aspects. Confirmation bias involves prioritizing confirming information over contradictory facts, the sunk cost fallacy results from investing too much time and resources into a failing proposition, anchoring effect influences emphasis on specific metrics, and the IKEA effect applies when creating or contributing to something. The goal gradient effect inspires progress toward goals as they near completion, while cognitive miser theory suggests minimizing effort in problem-solving to conserve mental energy. By recognizing and leveraging these biases, individuals can make more informed decisions and improve their professional outcomes.