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Objectivity is one of those traits we all like to think we have. After all, the best course of action in any given situation is to consider the facts and circumstances, and then arrive at the best possible decision. That’s easy, right?

Not so much. The reality is we all have biases. If they’re not managed, we then may pay in lost opportunities, money, relationships, and other ways, says Elizabeth R. Thornton, professor of management practice at Babson College in Boston.