Extant research has focused largely on what causes hindsight distortion. In contrast, this work examines applied aspects related to the bias in decision-making environments. A conceptual framework is provided and recent real–world examples are presented to outline how decision makers—and those who observe them—show hindsight effects. Then, both negative and positive consequences of the bias are outlined. Strategies are presented to reduce negative effects that occur when decision makers show hindsight distortion. Finally, because it is often not possible to avoid or to correct others' hindsight–tainted evaluations, suggestions for coping with the bias are discussed.