Biases can significantly impact business decision-making by skewing perceptions, limiting perspectives, and fostering complacency. For instance:
- In hiring processes, biases can lead to a lack of diversity, as managers may favor candidates who resemble themselves or fit a certain stereotype. - In marketing, biases can cause companies to misjudge customer needs or ignore emerging trends. - In investment decisions, biases may result in overvaluing certain assets or underestimating risks.