There are a wide variety of cognitive biases and mental traps to which people fall victim. Two such mental traps are judgmental heuristics and escalating commitment. Heuristics, like programmed or habituated decisions, allow a person to think through situations in highly efficient ways. Unfortunately, heuristics, such as availability heuristic, can cause a person to fall into a mental trap.
A person using availability heuristic makes decisions based on the information they have most readily available in their mind. For example, commercial airline travel in the United States was greatly diminished immediately after the events of 9/11. The obvious reason why people decided not to fly was born out of fear. The information most readily available in people’s minds was that airplanes could be hijacked and they did not want to take the risk flying commercially.
The reality, however, is that once the Federal Aviation Administration reopened airports for air travel, it was the safest time to fly commercially in U.S. aviation history. The security measures put into place were unlike anything that had ever existed up until that point and yet, people still chose not to fly. This type of decision-making is inherently flawed.
As for escalating commitment, this mental trap exists when a person becomes committed to their thoughts, ideas, perspectives, etc. A person will escalate their commitment when they believe something so strongly that their thought process moves beyond what is reasonable or rational into decision-making grounded in emotion.
For example, suppose you are a CEO and you received approval from the Board of Directors for $5 million to develop a revolutionary customer relationship management (CRM) software application. You and your team are six months into its development and the situation could not be worse. Not only is your team behind schedule and over budget, but the number of technical bugs in the software makes it highly unlikely to be a viable product. But, since you believe so strongly that this is the panacea for your business, you escalate your commitment further and request another $3 million from the board to finish the project.
Avoiding mental traps, such as judgmental heuristics and escalating commitment, requires you to always challenge your assumptions by asking yourself questions like: Why is this the best course of action? What can you learn from thinking about the problem differently? Is it possible that you are too close to the situation emotionally to make a reasonable, informed decision? Answering questions like these in an honest, forthcoming way will help you navigate mental traps while improving your decision-making dramatically.