Avilability Bias

Impact on LEADERSHIP AND BUSINESS

Treasure:

In certain situations, this bias can be a “treasure” in leadership because it allows leaders to make quick decisions based on their intuition and past experiences. Availability bias can be especially valuable in fast-paced or high-pressure situations where time is limited.

Risk:

However, availability bias can also be a significant "risk" for leaders because when a leader relies on information that is most easily accessible, they may miss important data that could better inform their decisions. This bias can lead to poor decision making and negative outcomes.

Importantly, when leaders only consider examples from their personal experiences, they may not consider that the context of their current situation can be completely different from the context of the example they are referencing from their past experiences.

Just because information is available, it doesn’t mean it is relevant.

To identify availability bias in a leader, look for signs that they frequently rely on information that is easily accessible, or often from their past experiences, without seeking additional data to inform their decisions. An overreliance on past experiences, resistance to gathering new information, and a lack of willingness to consider the perspective of others or alternate solutions, is a strong signal of availability bias.


KNOW YOUR KNOTS - Learn to recognize when Availability bias is taking the lead.

Ask yourself:

Do I often base my judgments and decisions on recent events or information?

Do I tend to focus on vivid or emotionally charged examples rather than typical ones?

Do I often use my own experiences or those of close acquaintances to make generalizations?



STRATEGIES to manage this bias: Pause – Perspective – Practice - Progress

Pause:
Challenge your own assumptions. Active question whether the most readily available information is truly representative, or it it’s being overemphasized.

Think about whether recent and accessible information disproportionately influences your thinking and your decisions.

Consider if dramatic or emotionally significant examples come to mind more easily, swaying your judgment, even if they are not the most representative of your current situation.

Be honest with yourself and reflect on whether a few personal experiences or stories from others shape your view of broader issues.


Perspective:
Deliberately seek diverse sources of information to gain a more comprehensive view of the situation, beyond the most immediate or memorable examples from past experiences.

Conduct market research, reach out to experts, and seek input from a broad range of stakeholders.


Practice:
Implement decision making frameworks that require the consideration of multiple factors and sources of information.

Foster an environment where decisions are made based on data and evidence, rather than anecdotes or assumptions.


Progress:
Engage in self-reflection and bias awareness training to help identify and counteract the influence of availability bias in decision making.