Description
Learn specific risks and benefits of working in teams, by maximizing group benefit by avoiding mental model of Groupthink bias. Groups tend toward an optimal level of function where the members understand and appreciate their skill set, but remain open to exploring new ideas and innovating. Newly formed groups may struggle to get their bearings as they explore one another's skills. Mature groups who worked together are often more efficient, but risk becoming polarized and hardened in their decision-making process. Bias develops and the mental models of a mature group may start to overlap. This can lead the group toward becoming an 'echo chamber', resulting in lowered investment success. Classic psychologist, Irving Janis cautioned against a set of behavioral biases that groups are susceptible to. Decisions can't be made by committee, however, there are definite benefits to working in groups. Learn about strategies to overcome Groupthink-related bias for investing teams and maximize your objective productivity. Don’t miss 3: Groupthink Part 1.