Reference no: EM13133266
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Overconfidence
Overconfidence happens to everyone. Overconfidence is when you think you are more likely to be right than you actually are. The overconfidence effect is a well-secure prejudice which someone is subjectiveconfidence in their judgments is reliably greater than their objectiveaccuracy, especially when confidence level in themselves is relatively high. Our intuitive heuristics when forming a judgment, and our eagerness to believe in our assumptions, due to being overconfident, makes it were we over estimate our own performances, and we come up short on our performance.
The effects of being overconfident, people tend to follow what they have been taught in life, which leads to be confident in the task that they are going to perform, and the fall short of what they expected. Overconfidence is a real problem. When you are too sure of yourself, and that you’ve got something right, then you don’t try to improve it. When you don’t check your facts, or try to learn more about it, you get it wrong. For example, if you were taking a test, and you felt you aced it, and you find out that you got a 70% out of a 100%, Is because you had overconfidence; which subjected you to be in your better judgment that gave you a lesser accuracy.
There have been several studies of lawyers, doctors, nurses, managers, entrepreneurs, investment bankers, and others career paths that have found that they tend to put extensive trust in their opinions and overestimate their expertise. A recent study of found that one of the most frequent cognitive errors was prematurely closure of an initial diagnosis. The study showed that once a physician made a diagnosis, she or he did not revisit it. This led to errors.
In conclusion, in making critical decisions, you should always question your assumptions, biases, and knowledge; because being Overconfidence can make you wish we’d prepared a little better first, and will set you up for errors.
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