Question: Question 1: For executives, whose success hinges on the many day-to-day decisions they make or approve, the psychological traps are especially dangerous. They can undermine

Question 1:

For executives, whose success hinges on the many day-to-day decisions they make or approve, the psychological traps are especially dangerous. They can undermine everything from new product development to acquisition and divestiture strategy to succession planning. While no one can rid his or her mind of these ingrained flaws, anyone can follow the lead of airline pilots and learn to understand the traps and compensate for them.

Hammond, Keeney, and Raiffa in their 1998 article The hidden traps in decision making, examine a number of well-documented psychological traps and offer some specific ways managers can guard against them.

What is the anchoring trap, according to them, and what can you do about it?

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