Question

A group of executives attended a meeting in which the CFO was the attendee with the most senior ranking when the meeting bean the CFO offered his views on the matter at hand, and the other meeting attendees expressed agreement with his approach. This scenario could be an example of which type of bias? Anchoring and adjustment bias Hindsight bias Group think bias Confirmation bias Availability bias

Answer 1

Answer:
The correct answer is Option "C" i.e ( Groupthink bias).

Explanation:

Groupthink bias is a concept in which group of people agrees to the decision of a single person or people strive for consensus.
The decision or opinion of the rest of the group / single person is adopted by the whole group, setting aside their personal belief or opinion.

The main cause of such group think decision bias can be:

1. Stress to make quick decision.
2. leadership pressure.
3. lack of self confidence.

  
The groupthink bias can be avoided by taking certain steps like:

1. leader not telling his opinion initially and asking all the other members about there opinion on the situation faced.
2. Boosting group members to think innovatively.
3. An outsider being introduced to the group.

Other options :

A. Anchoring / adjustment bias: It is related to bianess occurred in finance department, where individual initially sets goals and then they adjust their belief/ new goals throughout to the old goals.
It is unrelated to group decision making.

B. Hindsight bias: It is a bianess related to an individual decision making , where the person is over confident about his own ability to predict future outcomes. Although such cannot be predicted without any event takes place.
example I knew it.

D. Confirmation bias: It occurs when people have influence of their belief on their decision making.
The people does not form decisions based on gathered information about the fact but they believe in there on beliefs and taking incorrect decisions.

E. Availability bias: In availability bianess, decision making is affected by readily available examples in the mind of the decision makers related to the situation present.
It hampers their critical thinking about the case.