We owe thanks to the publishing industry. Their ability to take a concept and fill an entire category with a shotgun approach is the reason that more people are talking about biases.

Unfortunately, talk alone will not eliminate them but it is possible to take steps to counteract them. Reducing biases can make a huge difference in the quality of any decision and it is easier than you think.

In a recent article for Harvard Business Review, Daniel Kahneman (and others) describe a simple way to detect bias and minimize its effects in the most common type of decisions people make: determining whether to accept, reject, or pass on a recommendation.

The Munger two-step process for making decisions is a more complete framework, but Kahneman’s approach is a good way to help reduce biases in our decision-making.

Poor Charlie

If you’re short on time here is a simple checklist that will get you started on the path towards improving your decisions:

Preliminary Questions: Ask yourself

1. Check for Self-interested Biases

• Is there any reason to suspect the team making the recommendation of errors motivated by self-interest?
• Review the proposal with extra care, especially for overoptimism.

2. Check for the Affect Heuristic

• Has the team fallen in love with its proposal?
• Rigorously apply all the quality controls on the checklist.

3. Check for Groupthink

• Were there dissenting opinions within the team?
• Were they explored adequately?
• Solicit dissenting views, discreetly if necessary.
• Challenge Questions: Ask the recommenders

4. Check for Saliency Bias

• Could the diagnosis be overly influenced by an analogy to a memorable success?