Decision-Making Bias - Essay Example

The paper "Decision-Making Bias" is an outstanding example of an essay on business. Decision-making bias is a result of psychological bias that is the result of the tendency of making decisions in an illogical manner. The effects of bias in decision-making include loss of opportunity and decision-making that is below par. I have come to realize of decision-making bias that affected my choice of career with the main examples being anchoring and confirmation bias.

Anchoring bias impacted the choice of majoring in business to be an accountant as a career choice by putting a lot of importance on the needs of my parents who believed that was my best career choice with little to no consideration of my personal interest and needs. My decision to make the career choice was anchored in the view of my parents always wanting to have their son follow a career related to the business field resulting in my undertaking business depicting the impact of anchoring bias in my career choice. Maybe the influence of my parents on my career decision and their needs would not have been that strong and I decided to follow my interests, I would not have chosen chose business, as a career path.
Confirmation bias also impacted my career choice where I aimed at finding out information on the business field, as a good career path. Instead of seeking information from accountants and other professionals in the business field, I sought to check from friends and family members on the goodness of a career in business. They all believed that a career in business was great and confirmed my beliefs about career choice resulting in deciding to join the business field. The decision might not have been the same if I chose to seek advice from business professionals who would have provided objective advice and not aim at confirming my beliefs as it happened with family and friends. Confirmation bias, therefore, impacts on me deciding to join the business field through seeking information that would confirm my beliefs and not rigorously looking for the correct and even contradicting information career choice. Read More