Published: 08 June 2023
Cognitive biases and psychological heuristics can affect every aspect of a product manager’s job, leading to failed launches or misaligned products. Overcome the most common and impactful of these biases by recognizing where they may occur, and proactively work to reduce their effects.
The “sunk cost” fallacy and escalation of commitment bias often result in wasted effort to bring a product or capability to market that no longer fits the needs of target customers.
Status quo bias and system justification theory blind product teams and stakeholders from making improvements in their ideation, design and delivery processes.
Authority bias and the “hot hand” fallacy allow stakeholders with prior success to influence decision making when data and customer knowledge might lead to better customer outcomes.
Product managers seeking to improve the outcomes their teams deliver must:
End work “prematurely” when the available evidence does not support
Analysts:
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