Final answer:
To avoid pitfalls in strategic planning, managers should recognize cognitive biases such as confirmation bias. They must use critical thinking and metacognition to make informed decisions. Self-awareness and questioning assumptions are key in combating cognitive biases.
Step-by-step explanation:
Strategic managers should pay attention to cognitive biases and be able to recognize them in their strategic planning process because they help in avoiding pitfalls in the planning process. Cognitive biases can lead to errors in judgment and decision-making, which can have significant impacts on the outcome of strategic plans. One of the most common cognitive biases is confirmation bias, which can lead individuals to seek out and prioritize information that confirms their existing beliefs, potentially overlooking contrary evidence. To overcome such biases, it's crucial to engage in critical thinking and develop good habits of mind that promote metacognition and critical reflection.
Strategies to combat cognitive biases include being aware of these biases and actively questioning one's assumptions and decisions. Decision-makers must aim to be self-aware and engage in practices such as seeking out differing points of view, considering alternative outcomes, and challenging the status quo. By acknowledging and accounting for cognitive biases, strategic managers can make more informed and objective decisions.