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The 4 Key Components of the Art of Decision Making

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https://www.huffingtonpost.com/entry/the-4-key-components-of-the-art-of-decision-making_us_59d83d4de4b08ce873a8ce1e

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The 4 Key Components of the Art of Decision Making
Which decision-making strategies yield the best results? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

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The Art of Decision-making:

  1. Get 1% smarter every day;
  2. Focus on things that don’t change or change very slowly over t...

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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 unders...

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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 ...

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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 ...

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Strategies for making better decisions:

  1. Checklists: a vital tool to get out of your own head and make sure you haven’t missed anything.

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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: 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...

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

Yuval Noah Harari

Yuval Noah Harari

“Scientists generally agree that no theory is 100 percent correct. Thus, the real test of knowledge is not truth, but utility.”

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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.