To mitigate the impact of the availability heuristic in decision-making processes, business leaders can integrate objective data and diverse perspectives by adopting the following strategies: Comprehensive Data Collection and Analysis: Data-Driven Risk Assessments: Instead of relying on recent events or vivid memories, leaders should base decisions on comprehensive […]

Boeing, a global leader in aerospace manufacturing, faced one of the most significant crises in its history with the 737 Max aircraft. After two fatal crashes in 2018 and 2019, resulting in the deaths of 346 people, the aircraft was grounded worldwide. This tragedy, coupled with extensive media […]

In 2018, the Cambridge Analytica scandal became a turning point for Facebook, a company already deeply intertwined with the personal data of billions of users. The scandal, which involved the misuse of millions of Facebook users’ data without their consent, sent shockwaves across the media and brought intense […]

In the fast-paced world of business, decision-making is influenced by various cognitive biases. One such bias, the availability heuristic, plays a significant role in how leaders assess risks and opportunities. This cognitive shortcut can lead individuals to overestimate the likelihood of events based on how easily they can […]