29 Nov '15, 11am

Outcome Bias: People judge decisions based on their outcome instead of the process of reaching the decision. This… https://t.co/AzjrNnYoYp

People judge decisions based on their outcome instead of the process of reaching the decision. This is a flaw that we should recognize and try to avoid as a good outcome can come from a less than ideal decision making process through luck while an unlucky event can lead to a bad outcome even though the decision making process was good. (Image source: https://www.flickr.com) We tend to look at the quality of a decision based on its outcome, which is basically focusing on the results and not the process and is more apparent when there are negative outcomes. For example, given the same decision of going to the casino, there are 3 possible outcomes: we win money, we lose money or we have the same amount as when we entered. If we lose money, going to the casino would appear to be a bad decision, but if we …

Full article: http://thefinance.sg/2015/11/29/outcome-bias/

Tweets

Know why: How to beat marketing survivorship bi...

portent.com 29 Nov '15, 10am

Thanks for the read. It’s always a good thing to be sobering up about “the next big thing”. I recently read an article abo...

Lim Kit Siang The meaning of Nancy Shukri’s ans...

blog.limkitsiang.com 30 Nov '15, 5am

The Minister in the Prime Minister’s Department Nancy Shukri has given a very convoluted reply to the parliamentary questi...