Biases and Errors in Decision Making

The video tutorial explains how biases, which are predispositions affecting decision making, can lead to errors and inefficiencies. It covers common biases like overconfidence, hindsight bias, and anchoring, and discusses their impact on logical conclusions and decision outcomes. The tutorial also highlights errors such as plunging in and frame blindness, emphasizing the importance of recognizing and mitigating biases to improve decision making.

How does the anchoring effect influence decision making?

In what ways can biases lead to errors in the decision making process?