34- Decision Making - Part 3 - Biases and Errors

This video focuses on common biases and errors that affect judgment and lead to flawed decision outcomes. These thinking shortcuts — known as heuristics — help us simplify choices but can also mislead us. We review several well-studied biases, real-world examples, and strategies to reduce their impact. Key Topics Covered: What are decision-making biases? Overconfidence Bias Anchoring Effect Availability Bias Escalation of Commitment Fundamental Attribution Error Hindsight Bias Correlation vs. Causation Confusion Sampling Bias Framing Effect Groupthink and conformity pressure