Anchoring may happen if you feel under pressure to make a quick decision, or if you have a general tendency to act hastily.
So, to avoid it, reflect on your decision-making history, and think about whether you've rushed to judgment in the past.
Then, make time to make decisions slowly, and be ready to ask for longer if you feel under pressure to make a quick decision.
(If someone is pressing aggressively for a decision, this can be a sign that the thing they're pushing for is against your best interests.) Read our article on the Ladder of Inference to find out more about the stages of thinking that people tend to go through when they make good decisions.
The gambler's fallacy can be dangerous in a business environment.
For instance, imagine that you're an investment analyst in a highly volatile market.
You can also seek out people and information that challenge your opinions, or assign someone on your team to play "devil's advocate" for major decisions.
This bias is the tendency to jump to conclusions – that is, to base your final judgment on information gained early on in the decision-making process. Once you form an initial picture of a situation, it's hard to see other possibilities.
That makes confirmation bias a potentially serious problem to overcome when you need to make a statistics-based decision. Seek out information from a range of sources, and use an approach such as the Six Thinking Hats technique to consider situations from multiple perspectives. Surround yourself with a diverse group of people, and don't be afraid to listen to dissenting views.In this scenario, your decision was affected by confirmation bias.