Precedence of Debiasing Techniques on Decision Making Process: A RIDIT Approach
Scope of the Study: Day to day decisions were affected byheuristics and biases. These biases can be eradicated from human thoughts by adopting bias-reducing techniques. Debiasing seeks to remove a bias altogether. This article emphases on prioritizing the items of debiasing in order to raise the excellence of decision-making process. Also, debiasing literature is reviewed and analyzed in this study. Real world approaches for eliminating biases in business were suggested in this study. If debiasing is used in the right manner and right situations, it can have a remarkable impact on decision making process.
Purpose: To analyse how decision-making process is affected by cognitive biases.
To study the impact of debiasing methods on decision making process.
To prioritize the items of debiasing techniques by obtaining ranks by using RIDIT analysis.
Design/ Methodology/ Approach: Descriptive research method is used for the study. The population consists of employees of manufacturing companies, Bangalore. Primary data was collected by means of a survey. The responses were analyzed to obtain the findings and essential interpretations.
Findings: Cognitive biases lead to poor visions, understandings and conclusions and that are often improper. Cognitive biases are very human and rise from our vital to make sense of a situation before deciding on a course of action. We cannot avoid somewhat such type of biases. These biases sometimes lead us to the wrong conclusions. We should know how to spot them and then apply suitable debiasing method to eliminate them. Only by filtering out the cognitive biases that are sure to arise while decisions are being made we can be confident that, by applying suitable debiasing methods, we can take better decisions which can improve the performance.