The WRAP technique for decision making - Deepstash

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The WRAP technique for decision making

  • Widen your options: challenge yourself to consider alternatives. 
  • Reality-test your assumptions: run small experiments so you can know rather than predict which decision will work best for you.
  • Attain distance before deciding with the try the 10/10/10 approach: How would you feel about this decision 10 minutes from now, 10 months from now, and 10 years from now?
  • Prepare to be wrong: things could always go wrong. Prepare for it in advance.

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MORE IDEAS FROM THE SAME ARTICLE

Take into considerations these things:

  • Intuition is best used by experts, not novices.
  • Algorithms are better at decisions than the human brain.
  • Take your time (but not too much of it). 

  • Successful decision-making relies on a balance between deliberate and intuitive thinking.
  • Opt for less information; stick to only what is essential. We may feel more confident when doing a lot of research, but this could lead to indecision and analysis paralysis.

There are a few biases they don't address:

  • Narrow framing: the tendency to view an option as your only option.
  • Confirmation bias: our tendency to gather the information that supports our preferred option.
  • Short-term emotion: our tendency to have our...

Mathematics dictates that you should take 37% of the time or options you have to simply look and after that, you should commit to the first option that is better than everything you’ve seen so far.

That’s the point at which you have the highest chance—in a display of mathematical sym...

  • Find out how much time you have to make the decision.
  • Wait as long as possible to choose. By giving yourself extra time, you have more opportunities to explore your options and gain valuable insight.

This works best if you're a novice, as an expert generally won’t need to...

Snap judgments are most accurate if these things are present: experience and expertise. In other words, we must train our intuition.

The 2 systems of the brain that wok during decision making:

  • System 1 is automatic and quick (like "something feeling off").
  • System 2 is deliberate and slow (like an algorithm).

At times, these systems are at odds with each other, but research shows it's always best ...

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Good decisions

To make good decisions, we generally need to do the following:

  • Identify the decision: recognizing the need to make a decision, and identifying what that decision involves.
  • Set our goals: establishing what we want to achieve with the decision...

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The Freedom of Choice

The freedom of choice is generally perceived to be good, but studies show that too much choice can be a hindrance and can impede the decision.

On the contrary, having fewer choices has shown to provide more satisfaction to the decision-maker.

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Maximization

Also known as Fear of Better Options (F.O.B.O.), is the relentless researching of all possible options for fear that you’ll miss out on the “best” one.

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