In decision-making, what does the term “Cognitive Bias” refer to?

Cognitive bias refers to the systematic patterns of deviation from norm or rationality in judgment. These biases can affect the way individuals process information, leading to illogical or incorrect inferences and decisions. Cognitive biases arise from the brain’s attempts to simplify information processing, which can result in a range of errors, including overgeneralization, confirmation bias, and reliance on stereotypes.

By understanding cognitive biases, decision-makers can become more aware of their own thought processes and potentially mitigate the negative impacts these biases can have on their judgment. For example, recognizing a bias can allow individuals to pause and reassess their decisions, seeking additional information or alternative perspectives to avoid flawed conclusions.

The other choices, while related to the broader concept of decision-making strategies, don't encapsulate the essence of cognitive bias as well as the chosen option. Emotions, intuition, and a focus on negative outcomes can certainly shape decision-making, but they don't specifically address the systematic deviations that define cognitive biases.