𝗧𝗵𝗲 𝗨𝗴𝗹𝘆 𝗕𝗲𝗮𝘂𝘁𝘆 𝗼𝗳 𝗛𝗲𝘂𝗿𝗶𝘀𝘁𝗶𝗰𝘀 💭

Heuristics are mental shortcuts that help make quick decisions and solve problems ⏩, but they can create cognitive biases as they are based on incomplete information🧩.

H͟e͟u͟r͟i͟s͟t͟i͟c͟s͟:͟ ͟T͟h͟e͟ ͟P͟r͟o͟s͟ ✅

𝗤𝘂𝗶𝗰𝗸 𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴 S𝗮𝘃𝗲𝘀 T𝗶𝗺𝗲
When time is scarce, heuristics save the day. Imagine navigating complex financial forecasts – specific rules of thumb let you swiftly identify patterns and areas for closer scrutiny.

𝗜𝗻𝘁𝘂𝗶𝘁𝗶𝗼𝗻’𝘀 𝗛𝗲𝗹𝗽𝗶𝗻𝗴 𝗛𝗮𝗻𝗱
Sometimes, gut feelings based on past experiences are invaluable. These are heuristics at work! Think of a seasoned HR manager recognizing red flags during a job interview that wouldn’t be clear to someone less experienced.

H͟e͟u͟r͟i͟s͟t͟i͟c͟s͟:͟ ͟T͟h͟e͟ ͟C͟o͟n͟s͟❌

𝗧𝗵𝗲 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗧𝗿𝗮𝗽
Ever overestimate the likelihood of plane crashes because they’re highly publicized? That’s the availability heuristic – prioritizing easily recalled information over the statistically more accurate.

𝗔𝗻𝗰𝗵𝗼𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝗔𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁
The first number sets the tone in negotiations. It’s tough to adjust far enough from that initial anchor, even if it’s unreasonable. Another heuristic pitfall!

𝗖𝗼𝗻𝗳𝗶𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗕𝗶𝗮𝘀
We seek out information that supports existing beliefs. I told you so.

M͟i͟t͟i͟g͟a͟t͟i͟n͟g͟ ͟t͟h͟e͟ ͟R͟i͟s͟k͟s͟

𝗛𝗶𝗴𝗵-𝗦𝘁𝗮𝗸𝗲𝘀 = 𝗦𝗹𝗼𝘄 𝗗𝗼𝘄𝗻:
For significant decisions, force yourself to override ‘fast thinking’ and consider alternative perspectives.

𝗗𝗮𝘁𝗮 𝗶𝘀 𝗬𝗼𝘂𝗿 𝗙𝗿𝗶𝗲𝗻𝗱:
Analytics help offset biases. A/B testing in marketing, for example, can counteract the ‘gut feeling’ heuristic.

𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝘆 𝗜𝗻𝗽𝘂𝘁:
Combat confirmation bias with diverse teams and actively seek disconfirming evidence.

H͟a͟r͟n͟e͟s͟s͟i͟n͟g͟ ͟t͟h͟e͟ ͟P͟o͟w͟e͟r͟

Heuristics are neither good nor evil. They’re tools with a bit of an edge! Understanding how they work and the biases they can foster, we become better strategists, analysts, and decision-makers.