Not Enough Meaning
We tend to find stories and patterns even when looking at sparse data
Confabulation
Description
A memory error defined as the production of fabricated, distorted, or misinterpreted memories about oneself or the world, without the conscious intention to deceive.
Confabulation in business decision
An executive, when asked about a past decision that led to a poor outcome, might unintentionally construct a narrative that portrays the decision-making process more favorably or logically than it actually was.
Confabulation in personal life decision
You fill gaps in your memory of a childhood trip with details you later heard, thinking you always remembered them.