Project Management Practice

Avoiding cognitive biases in portfolio management decision-making

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Part 1: Introduction and behavioural

Do you ever look back on decisions taken and think, “Why did we do that?”; “Why did we choose that project?”; “Why did we believe that benefits case?”; “Why did make that decision?”.

Research has shown that many of the choices we make and decisions we take are impacted by social, cognitive, memory error biases. Your portfolio board is not immune from this. There’s no shame in it – we, as humans, all suffer (and are guilty of) bias to one extent or another. The purpose of this series of blog posts is to highlight this fact. By providing a little bit of education (which itself is a technique for avoiding bias) regarding biases, and showing you some techniques to help ‘de-bias’ yourself and your organisation’s decision making, by the end of this series you should have the tools and skills to make impartial and rational decisions. Continue reading >>