RECENCY BIAS- Final ppt (1).........pptx

recency

1. What is RECENCY BIAS?

2. Refers to the tendency to overemphasize the importance of recent information or experiences when making judgements or decisions, often neglecting past data or broader content. Recency bias often misleads us to believe that recent events can give us an indication of how the future will unfold.

3. Examples for business related 1 . Marketing strategy- a marketing team might focus all their efforts on the latest successful campaign, ignoring earlier campaigns that also performed well.

4. 2. Sales Forecasting- a company might experience a surge in sales over the past few months. If decision-makers focus too heavily on this recent trend, they may overestimate future sales and over-order inventory, ignoring historical data that shows seasonal declines or market fluctuations.

5. EXAMPLES FOR SOCIAL ISSUES 1. Political Campaigns- candidates may emphasize their recent accomplishments or their opponents recent missteps, regardless of their overall track record. This can sway voters based on short-term factors.

6. 2. Healthcare policy- Public opinion on healthcare policy can be influenced by recent outbreaks of infectious disease, such as the COVID-19 pandemic. This can lead to a focus on the immediate need for public health measures, while neglecting the long-term implications of healthcare policy decisions.