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The 4 Key Components of the Art of Decision Making
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The Art of Decision-making:
- Get 1% smarter every day;
- Focus on things that don’t change or change very slowly over time and master the principles;
- Focus on acquiring multidisciplinary knowledge;
- Build a toolkit of mental models so that you can better understand reality and achieve your goals.
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Decision-making cascades
... through everything you do. That's the power of compounding. If you get 1% better at understanding how the world works, how human behavior works, how economic systems function, and understanding your own brain — that 1% improvement impacts everything you do.
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Study things that never change
The best kind of knowledge is not ephemeral junk , that will be useless in a few years, but the core pillars of human knowledge and the major academic disciplines. That knowledge changes very slowly over time and it’s a core foundation that you can build upon and grow from.
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Multidisciplinary knowledge is key
Being multidisciplinary means collecting knowledge from lots of different disciplines and areas of life and building an approach to understanding the world that integrates all that knowledge into a cohesive framework, to face reality in all its complexity.
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Strategies for making better decisions:
- Checklists: a vital tool to get out of your own head and make sure you haven’t missed anything.
- Decision Journals: make your thought process clear and reduce cognitive biases.
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SIMILAR ARTICLES & IDEAS:
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Tools for Thinking Better
You don't need to master every detail of every subject to become a world-class thinker.
If you can master the fundamentals of each discipline, then you can develop a remarkably accurate and u...
Mental Models: Out of Box Thinking
Mental models are the various thinking frameworks that are used to understand life, make decisions, and solve problems.
Just raw intelligence is not enough to solve problems. A different or a broader set of mental models can provide a different view of the problem, leading to an unconventional, new solution not thought of before.
Mental Models: Examples
A mental model is an explanation of how something works. They are beliefs, worldviews or frameworks of thinking. You carry a certain kind of thinking in you to arrive at a solution to a problem.
Some examples:
- Demand and Supply: to understand the economy
- Game Theory: to understand trust and relationships
- Entropy: to understand disorder and decay
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Thinking is not IQ
We often make the mistake of thinking that people with high IQs think better. But it's not true. That's not the type of knowledge or brainpower that makes you better at life, happier, or more succe...
Principles for seeking wisdom
- Go to bed smarter than when you woke up.
- "I’m not smart enough to figure everything out myself, so I want to master the best of what other people have already figured out."
If you want to think better...
- Become better at probing other people’s thinking. Ask questions. Simple ones are better. “Why” is the best.
- Slow down. Make sure you give yourself time to think.
- Probe yourself. Try and understand if you’re talking about something you really know something about or if you’re just regurgitating something you heard.
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Mental models
They are chunks of knowledge that can be simplified and applied to better understand the world, by identify what information is relevant in any given situation, and th...
Reasons we fail to make the best decision possible
- We’re (sometimes) stupid: irrational, tired or distracted;
- We have the wrong information;
- We use the wrong model;
- We fail to learn;
- We go with what's easy over what's right.