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Focusing effect

Description

A cognitive bias that occurs when people place too much importance on one aspect of an event, causing an error in accurately predicting the utility of a future outcome.

Focusing effect in business decision

A company might overly focus on reducing manufacturing costs for a new product, neglecting the impact this might have on product quality and long-term customer satisfaction.

Focusing effect in personal life decision

You overestimate how much moving to a new city will improve your happiness by focusing on the weather, while ignoring other factors like work stress.