Identify three biases that can influence the outcome of an analysis. Explain what they are and how they arise.

Phoenix mgt/362: How to reduce biases, increase objectives

1. Confirmation bias: When a person selects to interpret data in support of their beliefs, and ignores information that is contrary to them. This is often seen in research studies, where the researcher’s preconceived ideas influence the selection of evidence used to support conclusions.

2. Selection bias: When a group or individual is chosen for analysis, it does not represent the entire population. This can result in incorrect conclusions regarding the overall trend of the population under study. For example, if only men are included in a study on gender differences, then it will be impossible to draw accurate conclusions about women’s behavior from this sample alone.

3. Anchoring Bias is when you rely too much on one piece or use it as your reference point to make decisions. This can happen without taking into account other factors and options. Anchoring your price may be a way to fix a certain number, even though other prices might be more affordable if one takes the time to research and evaluate all options.

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