#105 - Overcoming Cognitive Biases: Enhancing Analytical Insights for Better Decision-Making
Lisema Matsietsi CDFA, PD(SA), M.Inst.D, MCom
2x Author || Charperson of Board || Independent Trustee || Founder & Managing Director: Being An Analyst || Senior Advisor and Chartered Development Finance Analyst ||
Words Of Gratitude
Editors Note by Lisema Matsietsi
Cognitive biases are an inescapable aspect of human decision-making, and even highly skilled analysts can be affected by them. Recognising these biases and actively working to counteract them can enhance the precision and integrity of our insights. Implementing practices such as encouraging open dialogue within teams, conducting regular reviews of data sources, and alternating roles can assist analysts in maintaining a more equitable and impartial viewpoint.
Leadership is also instrumental in reducing biases by encouraging a variety of perspectives and employing systematic decision-making processes. The fundamental strategy to counter cognitive biases is through awareness and ongoing education. By grasping the impact of these mental shortcuts on our judgments, analysts can adopt a more introspective stance, actively searching for opposing data and challenging their presuppositions. As the domain of analytics advances, remaining cognizant of cognitive biases is essential for generating insights that are both prompt and trustworthy. Enjoy this issue and join us next Monday for another engaging edition.
Overcoming Cognitive Biases: Enhancing Analytical Insights for Better Decision-Making
As analysts, we often face time pressures when providing data-driven insights for decision-making. Even the most experienced among us can be influenced by cognitive biases, which are subtle mental shortcuts that affect how we interpret information and make decisions. This article aims to help novice and seasoned analysts understand cognitive biases, how to address them within analyst teams, and how leaders can minimise their impact on analytical insights. We will also examine the history, applications, strengths, and limitations of cognitive biases, as well as consider opposing viewpoints and strategies for increasing awareness... Read More
References:
[1] The Decision Book by Mikael Krogerus
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Closing of Cohort 3 Applications for the Mentorship Programme
We want to express our heartfelt gratitude for the overwhelming response to the Being An Analyst mentorship programme's Cohort 3 application phase. Your enthusiasm and eagerness to participate have truly exceeded our expectations.
As of 18 September 2024, we have officially closed the applications for Cohort 3. We are humbled by the diverse and talented group of individuals who have expressed their interest in this transformative journey.
?Suppose you missed the opportunity to be part of Cohort 3, worry not! 2025 Cohort 1 applications will open in November 2024. We encourage you to mark your calendars and stay tuned for announcements as we embark on another round of this enriching mentorship experience. If you are unemployed and would want to join 2025 cohorts 2 & 3 will be specially designed for you.
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