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We make decisions every day, many of which are so straightforward that we hardly notice we are making them. But we tend to struggle when uncertainty is a probability.
Humans generally use two decision-making strategies when faced with uncertainty: exploitation and exploration. Exploitation involves frequently choosing options that are familiar and provide a higher certainty of reward. Exploration involves trying out choices that are unfamiliar. In an uncertain and changing environment, it is thought that the best strategy is to flexibly alternate between exploration and exploitation.
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What’s more important than how much data you have is how it frames the way you think.
Some leader when they're under pressure to appear decisive, approach complex situations with simple rules or analogies, selectively using data to justify poor judgment calls.
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After many dating experiences, Evelyn found someone that she thought was great. Since he pressured her to commit she is always wondering, “Is he the Right One? Do I love him enough? Is he the love of my life or am I making the biggest mistake of my life?” She checks whether she thinks a...
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