Good to limited time, limited information and cognitive

Good decision making is critical for goodleadership and guidance, project managers need to know how heuristics andbiases can influence a project manager’s decisions. Heuristic describe a methodthat comes from past experience but not intended to reliable for all thescenarios. As discussed in the featured paper – “Heuristics and Biases inProject Management- Vol. VII, Issue I – January 2018” Often we apply a rule ofthumb to make judgments and form decisions ignoring other important parts ofinformation and analysis. We might look to these heuristics as subtle, butthese heuristics can bring powerful biases.

Heuristics and its associatedbiases can give rise to an unseen negative impact on the effective managementand execution of a project. Tversky and Kahneman(1974) in their article have focused how heuristics have affected humandecision-making. While planning the project activities, projectmanagers often make decision by applying rules of thumb or heuristics.

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 Managers using heuristic approach for makingdecisions are ubiquitous because the ability to perform the rational analysisis limiting due to limited time, limited information and cognitive limitations(Trumper and Virine, 2018).    The choice for relying upon our intuitions orpast experiences deviate the decision from reality and statistical analysis. But,it is important to minimize the impact of these heuristic. To mitigate theeffects of heuristic it is important to challenge not only our decision makingprocess but also underlying assumptions. By identifying and acknowledging thepresence of the rule of thumb and their possible biases and then, applyingtactics appropriately to balance them, leaders can combat their negativeeffects. References: Virene L,Trumper M, Virine E, (2018) Heuristics and Biases in Project Management, PM WorldJournal, Lov.

VII, Issue ITversky, A., & Kahneman, D. (1974). Judgment underuncertainty: Heuristics and biases.

 Science, 185(4157),1124–1131. 

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