Project Management

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Topics: Career Development, Communications Management, Talent Management
Anchoring, Decision Making and Project Management
What does Anchoring mean to you?

What is Anchoring's influence on the decision making process?

To what extent can Anchoring affect Project Management?
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Luis -

A common example of anchoring is when asking a team of SMEs for estimates and one of them speaks first. That SME's estimate is now "anchored" within the minds of the other SMEs which influences how they will respond.

The problem with anchoring is that we are no longer leveraging the unbiased wisdom of the group.

One way to avoid this is to use a simultaneous or anonymous submission technique such as Delphi.

Kiron
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1 reply by Luis Branco
Dec 23, 2019 9:12 AM
Luis Branco
...
Dear Kiron
Thank you for participating in this reflection and for your opinion.

What impact do anchoring have on projects? (positive or negative)
When making decisions, anchoring effect is a tendency that causes people to focus on the first available piece of information, called "the anchor".

As Kiron says, it can be avoided with delphi techniques or, in agile methods, poker sessions, where every member of the team presents simultaneously a card with the value of story points he estimates for a task.
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1 reply by Luis Branco
Dec 23, 2019 9:13 AM
Luis Branco
...
Dear Verónica
Thank you for participating in this reflection and for your opinion.

What impact do anchoring have on projects? (positive or negative)
Dec 23, 2019 8:27 AM
Replying to Kiron Bondale
...
Luis -

A common example of anchoring is when asking a team of SMEs for estimates and one of them speaks first. That SME's estimate is now "anchored" within the minds of the other SMEs which influences how they will respond.

The problem with anchoring is that we are no longer leveraging the unbiased wisdom of the group.

One way to avoid this is to use a simultaneous or anonymous submission technique such as Delphi.

Kiron
Dear Kiron
Thank you for participating in this reflection and for your opinion.

What impact do anchoring have on projects? (positive or negative)
...
1 reply by Kiron Bondale
Dec 23, 2019 10:02 AM
Kiron Bondale
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Luis -

I would suggest it could go either way. It is negative if the outcomes are worse than if the anchoring had not occurred - for example, the wrong decision is taken or team members feel demoralized because they couldn't share their opinions. It is positive if we are in a time-critical situation and the person with the "right" answer speaks first.

Kiron
Dec 23, 2019 8:46 AM
Replying to Verónica Elizabeth Pozo Ruiz
...
When making decisions, anchoring effect is a tendency that causes people to focus on the first available piece of information, called "the anchor".

As Kiron says, it can be avoided with delphi techniques or, in agile methods, poker sessions, where every member of the team presents simultaneously a card with the value of story points he estimates for a task.
Dear Verónica
Thank you for participating in this reflection and for your opinion.

What impact do anchoring have on projects? (positive or negative)
Dec 23, 2019 9:12 AM
Replying to Luis Branco
...
Dear Kiron
Thank you for participating in this reflection and for your opinion.

What impact do anchoring have on projects? (positive or negative)
Luis -

I would suggest it could go either way. It is negative if the outcomes are worse than if the anchoring had not occurred - for example, the wrong decision is taken or team members feel demoralized because they couldn't share their opinions. It is positive if we are in a time-critical situation and the person with the "right" answer speaks first.

Kiron
...
1 reply by Luis Branco
Dec 23, 2019 10:16 AM
Luis Branco
...
Dear Kiron
Thank you for your opinion

Very interesting: avoid or use the anchoring
Dec 23, 2019 10:02 AM
Replying to Kiron Bondale
...
Luis -

I would suggest it could go either way. It is negative if the outcomes are worse than if the anchoring had not occurred - for example, the wrong decision is taken or team members feel demoralized because they couldn't share their opinions. It is positive if we are in a time-critical situation and the person with the "right" answer speaks first.

Kiron
Dear Kiron
Thank you for your opinion

Very interesting: avoid or use the anchoring
I have two questions:

1. Which Is your project approach? Agile/Waterfall
2. Are you mentioning Conflict Management in Agile/Waterfall approach?
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1 reply by Luis Branco
Dec 24, 2019 3:42 AM
Luis Branco
...
Dear RAJON
Thank you for participating in this reflection and for your opinion.

I would like to better understand these two of your questions (in the context in which they were asked)
When there is anchoring is there a conflict situation?
Dec 23, 2019 11:40 PM
Replying to RAJON BANERJEE
...
I have two questions:

1. Which Is your project approach? Agile/Waterfall
2. Are you mentioning Conflict Management in Agile/Waterfall approach?
Dear RAJON
Thank you for participating in this reflection and for your opinion.

I would like to better understand these two of your questions (in the context in which they were asked)
When there is anchoring is there a conflict situation?
In my opinion anchoring is "getting the ball rolling" in project management discussion; a fixed point that be raise and lower or completely moved depending upon the initial feedback from the discussion. I have never seen a project manager lynching on to a piece of information, which may or may not be true, and basing all their following decisions upon it. As discussed in previous post 'Volumes of Work' by Vladimir Liberzon, and what fact or information constitutes an Active property, a project manager will start with an know and certainty and from their make fact based decisions according to the project. A project manager lynching on to a fact and not willingly to change regardless of information to the contrary means that a project manager has become too personally involved in the project either due to a conflict of interest or other motives. This can be dangerous to the success of the project.
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1 reply by Luis Branco
Dec 25, 2019 6:12 AM
Luis Branco
...
Dear Daire
Thank you for participating in this reflection and for your opinion.
What is Anchoring?

Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions.

It usually happens regardless of people's will.
Can also be used intentionally.
Dec 24, 2019 3:44 PM
Replying to Daire Guiney
...
In my opinion anchoring is "getting the ball rolling" in project management discussion; a fixed point that be raise and lower or completely moved depending upon the initial feedback from the discussion. I have never seen a project manager lynching on to a piece of information, which may or may not be true, and basing all their following decisions upon it. As discussed in previous post 'Volumes of Work' by Vladimir Liberzon, and what fact or information constitutes an Active property, a project manager will start with an know and certainty and from their make fact based decisions according to the project. A project manager lynching on to a fact and not willingly to change regardless of information to the contrary means that a project manager has become too personally involved in the project either due to a conflict of interest or other motives. This can be dangerous to the success of the project.
Dear Daire
Thank you for participating in this reflection and for your opinion.
What is Anchoring?

Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions.

It usually happens regardless of people's will.
Can also be used intentionally.
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