Systems Engineering Commons^™

Cognitive Biases In Risk Management, William Thomas Siefert

Masters Theses

"This thesis contends that most Risk Management/Mitigation programs fail to be as effective as they could be due to a number of mostly overlooked drivers, such as motivation and cognitive biases. The issue of cognitive biases is very seldom addressed. When questioned, most engineers purport to not have any biases. They insist that they use only logic, reasoning, and math to make decisions. A set of data was collected and reviewed for this thesis. The data presented shows that cognitive biases do affect the risk management/mitigation process. Knowledge of these biases and their potential impact on a project will lead …