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Connor H.
@conh359
Too Much Choice
A decision-maker may never be able to examine every possible option before making a decision. The assumption that one now has complete information for decision making is in itself somewhat unrealistic.
Satisficers make their life easier and less complicated by accepting good enough and moving on.
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Evan Y.
@evan_yy15
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 inv...
Why people struggle with decision making
- The main reason why decision-making is hard is that every decision makes us go through a process that is most times difficult and complex, and having difficulties with any part of it can hinder the whole process.
- The emotional difficulty that we face when we need to pick only one of multiple possible options means that we have to forego several alternatives that we may find appealing. This is associated with the concept of FOMO (the fear of missing out).
- The decision-making process can be very demanding, from a cognitive and an emotional perspective. Also, the act of making a decision is tiring in itself, since it depletes the cognitive resources.
- Being tired and sleep-deprived can make it more difficult for us to process information, and more likely for us to suffer from various cognitive biases that get in the way of making good decisions.
Barry Schwartz
Connor H.
@conh359
4 Habits of Bad Decision Makers
Making decisions
Decision making is critical for entrepreneurs. Every day, you have to set out on a course of action, choose tactics, evaluate results, and otherwise choose from arrays of options.
4 common mistakes that can trip you up
- Monumentalizing the Trivial. Place a limit on how long you're willing to spend addressing the issue. When the time ends, make your choice and move on.
- Dredging Sunk Costs. Estimate how much the decision would take in total to follow through. If the cost is higher than the benefit, change your decision.
- Drowning in Data. Identify less than 10 pieces of relevant data that will have a strong impact on your decision's outcome. Then forget everything else.
- Do-or-Die Mentality. Realize that every decision is temporary. Use an overall decision-making strategy that stretches over time, not that imagines each moment to be the most critical one for the business.
Mark D.
@markd17
Do you take hours to make a simple decision? You may have Fobo
FOBO: Fear of Better Options
Whether it is deciding what to watch on TV, or which job offer to accept, Fobo (Fear of better options) can affect anyone.
A Fobo-afflicted person may not make a decision due to wanting compl...
Technology accelerates FOBO
Sophisticated apps and social media only accelerate FOBO, giving us unlimited options. We are unable to decide due to a constant flow of new plans, events, invitations or commitments.
Decision-making people: Maximisers
Maximisers compare everything before making a decision, setting very high standards and expectations for themselves.
They often feel disappointed with their final decision after making it.
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