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The Science Behind Smarter Decision Making: 7 Mental Models To Know

https://thenextweb.com/lifehacks/2016/08/01/989517/#

thenextweb.com

The Science Behind Smarter Decision Making: 7 Mental Models To Know
Every one of us make dozens, if not hundreds of small to big decisions on a daily basis. Some don't impact our lives at all, while some can change the outcome of our entire lives. Love tech? You should go to TNW2019 Find out why See more Whether it's trying to figure out which job ...

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10/10/10 Rule

10/10/10 Rule

Before making a decision, considers how you’ll feel about this decision in 10 minutes, 10 months, and 10 years.

It’s easy to make short-term decisions that may be beneficial 10 minutes or 10 months from now, but these types of decisions usually don’t benefit us in the long-term. What’s harder is to make decisions that may not appear attractive or impactful in the short-term, but over time can have a positive impact in your life.

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Pareto’s Law

Pareto’s Law

In anything we do, there’s always ~20% of activities that will deliver 80% of our desired results.

It’s easy to be wrapped up in ‘busy’ work without ever getting anything done. Pareto’s Law is a useful mental model to be more effective, rather than just be efficient.

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Parkinson’s Law

Parkinson’s Law

Work expands so as to fill the time available for its completion. So try placing artificial time limitations.

If we’re given three hours to complete a task that normally would take an hour, we’ll find a way to fill those three hours. However, when we’re down to the final thirty minutes, we’re suddenly feeling the pressure to get things done. 

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SIMILAR ARTICLES & IDEAS:

Jeff Bezos

"We are stubborn on vision. We are flexible on details ". 

Jeff Bezos

Not all decisions are the same

The decisions we spend the most time on are rarely the most important ones.

The Decision Matrix

This is a decision making version of the Eisenhower Matrix, which helps you distinguish between what’s important and what’s urgent, in a simple and easy to understand way.

The Decision Matrix

Decisions can be classified as:
  • Irreversible and inconsequential
  • Irreversible and consequential
  • Reversible and inconsequential
  • Reversible and consequential

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Mental Models

The way you look at how something works in the real world is called a mental model. It’s your thinking framework about something.

But when we make decisions, we often don’t think about our fr...

Overlooking Failure

Societies with a bias towards success, that are idolizing of successful people usually overlook the decisions that led to failure.

We tend to overlook cases that did not come with a successful outcome. And when we do look at failure, we are often quick to explain why things failed.

Fyodor Dostoevsky

Fyodor Dostoevsky

“Everything seems stupid when it fails.”