How to become an effective – bias‐free – decision‐maker in an increasingly global economy

Abstract

Purpose

To make strategists aware of decision biases and their potential impact on effective strategic decision‐making.

Design/methodology/approach

A review of five critical biases, their sources and impact. The article includes a self‐test. Findings – Suggestions on how the strategist can address biases in self and others as part of strategic leadership.

Research limitations/implications

Conceptual review and self‐test.

Practical implications

Simple, easy to implement guidance on managing biases in self and others.

Originality/value

Raising strategists’ awareness of biases and their potential impact. Self‐test on decision biases. A route to the literature on the issues.

Citation

Wickham, P.A. (2006), "How to become an effective – bias‐free – decision‐maker in an increasingly global economy", Handbook of Business Strategy, Vol. 7 No. 1, pp. 57-62. https://doi.org/10.1108/10775730610618620