Slow Down to Make Better Decisions in a Crisis - Deepstash

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Slow Down to Make Better Decisions in a Crisis

Slow Down to Make Better Decisions in a Crisis

hbr.org

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Decision-making obstacles

Psychological reasons why we find decision-making difficult right now:

  • The realness of the present threat: the new virus is really contagious and people are dying from it around the world.
  • The amount of uncertainty about the virus: the real number of i...

The threat, uncertainty, and anxiety related to the pandemic lead us to make short-sighted decisions:

  • we crave more information so we are spending a lot of time looking for news updates relating to the virus and its spread. But too much negative news causes stress and distraction....

People want to take action quickly, even when inaction might be more prudent.
Faced with anxiety, some are making quick decisions about finances as well and started fear selling their stocks. But this is taking a paper loss in the present that is likely to come back in the future (give...

To make good decisions in troubled times, it's best to slow down, even if our fears urge us to take action.
Most of the actions you are likely to take will not be prudent in the face of a potential pandemic. By slowing down, you can use deliberative reasoning with data.

There is a lot of information out there right now about the virus and how to react. 

Take the time to read and digest it (maybe even discussing it with an expert) before making important personal and business decisions.

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