Phoenix mgt/362 how to minimize biases and increase objective
2. Selection Bias: This arises when an individual or group is selected for analysis that does not accurately represent the population as a whole. It can lead to incorrect conclusions about overall trends in the population being studied. For example, if only men are included in a study on gender differences, then it will be impossible to draw accurate conclusions about women’s behavior from this sample alone.
3. Anchoring Bias: This bias results from relying too heavily on one piece of information or using it as a reference point when making decisions and decisions based off of it without considering other relevant factors or options available. For example, if you are pricing something, you may anchor your price at some arbitrary number even though there might be better prices available elsewhere if you took more time to look around and compare options objectively.