Outcome Bias
(reading time – 20 sec.)

The outcome bias is an error made in evaluating the quality of a decision when the outcome of that decision is already known.

One will often judge a past decision by its ultimate outcome instead of based on the quality of the decision at the time it was made, given what was known at that time. This is an error because no decision maker ever knows whether or not a calculated risk will turn out for the best. The actual outcome of the decision will often be determined by chance, with some risks working out and others not. Individuals whose judgments are influenced by outcome bias are seemingly holding decision makers responsible for events beyond their control.

Topic: #CognitiveBiases
Source: Wikipedia