Good to limited time, limited information and cognitive

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Good decision making is critical for good
leadership and guidance, project managers need to know how heuristics and
biases can influence a project manager’s decisions. Heuristic describe a method
that comes from past experience but not intended to reliable for all the
scenarios. As discussed in the featured paper – “Heuristics and Biases in
Project Management- Vol. VII, Issue I – January 2018” Often we apply a rule of
thumb to make judgments and form decisions ignoring other important parts of
information and analysis. We might look to these heuristics as subtle, but
these heuristics can bring powerful biases. Heuristics and its associated
biases can give rise to an unseen negative impact on the effective management
and execution of a project. Tversky and Kahneman
(1974) in their article have focused how heuristics have affected human
decision-making.

 

While planning the project activities, project
managers often make decision by applying rules of thumb or heuristics.  Managers using heuristic approach for making
decisions are ubiquitous because the ability to perform the rational analysis
is limiting due to limited time, limited information and cognitive limitations
(Trumper and Virine, 2018).

 

  The choice for relying upon our intuitions or
past experiences deviate the decision from reality and statistical analysis. But,
it is important to minimize the impact of these heuristic. To mitigate the
effects of heuristic it is important to challenge not only our decision making
process but also underlying assumptions. By identifying and acknowledging the
presence of the rule of thumb and their possible biases and then, applying
tactics appropriately to balance them, leaders can combat their negative
effects.

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References: Virene L,
Trumper M, Virine E, (2018) Heuristics and Biases in Project Management, PM World
Journal, Lov. VII, Issue I

Tversky, A., & Kahneman, D. (1974). Judgment under
uncertainty: Heuristics and biases. Science, 185(4157),1124–1131.

 

Categories: Decision Making

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