It requires awareness and understanding of situation to make a conscious decision.
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Developed in the mid-20th century by the military strategist, US Air Force Colonel John Boyd.
The OODA loop (Observe, Orient, Decide, Act)
Applicable for quick decision making, improving the quality of decision-making, uncertain environment etc.
Ex- data gathering, current organizational state, any competitors and the market .
Gather whatever information is available as quickly as possible in order to make decisions based on it.
Although multiple options can lead to slow reaction time.
The OODA Loop is a four-step method to swiftly make effective decisions in tough and high-stakes situations. It is created by military leaders and war strategists who work in extreme situations and routinely face drastic scenarios.
The OODA Loop stands for:
It is called a loop as it is intended to be repeated until the conflict is taken care of.
The decision making process that Dalio, Buffett and Munger use is:
People usually make impulsive decisions and take shortcuts while stressed out. A 16th-century Catholic mystic, Ignatius, provides us with some methods of discernment and decision-making, which are still relevant today.
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