The Third Mistake
Explore key cognitive biases like innovator bias, confirmation bias, and sunk cost fallacy that commonly derail product management decisions. Understand how to counter these biases using Lean Startup principles, short feedback loops, and data-driven iteration to build validated, market-ready products while avoiding costly mistakes.
We'll cover the following...
Cognitive biases
Another key error in product management is to become carried away by cognitive biases in decision making.
About 150 cognitive biases exist, which can cause us to make irrational decisions due to automatisms in our brain.
The only way to prevent these biases from affecting the product development process is to iterate, implement short feedback loops in contact with customers, and use data to inform our decisions.
Most cognitive biases hurt the way companies define their strategy. It also negatively ...