How to Minimize Biases and Increase Objective Decision Making

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Business Finance


Data analysis is about using information and knowledge to make decisions. Although it can be presumed that the data is objective, it is possible to skew results due to heuristic errors and biases.

Identify three biases that can influence the outcome of an analysis.

Explain what they are and how they arise.

Provide suggestions on how each bias can be minimized or overcome.

Write a 1,050- to 1,400-word paper, using a minimum of two peer reviewed sources.

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Explanation & Answer


How to Minimize Biases and Increase Objective Decision Making
Data analysis is the systematic application of logical and statistical techniques to illustrate and
evaluate data in order to make the right decisions. Different analytical tools and procedures are
used to draw inferences from the available data and tell the difference between the noise and
phenomenon. Data analysis involves continuous collection of data and analyzing it almost
instantaneously. The process of analysis depends on the qualitative approach to be taken and the
kind of data to be analyzed.
Improper analysis of data results in distorted or inaccurate scientific findings leading to wrong
decision making which may affect the perception of the research negatively. To maintain the
accuracy and integrity of data, appropriate and accurate analysis of the data has to be done.
Three biases that can influence the outcome of an analysis
Cluster illusion
What this means is the tendency by humans to have wishful thinking. We always tend to see
what we want to see in all areas of our lives and thought while missing what is really happening.
It’s the tendency to see patterns where there are none. It’s making a decision solely based on
results rather than the quality of the method used.
When analyzin...

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