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Understanding the importance of decision-making
Identifying biases that affect decision-making
Analyzing the potential outcomes of a decision
What is a good decision-maker?
A good decision-maker chooses actions that give the best outcome for themselves and others. They enter into the decision-making process with an open mind and do not let their own biases sway them. They make decisions rationally, after researching alternatives and understanding the consequences.
Good decision-makers involve others when appropriate and use knowledge, data, and opinions to shape their final decisions. They know why they chose a particular choice over another. They are confident in their decisions and rarely hesitate after reaching conclusions.
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Consider your personality traits and characteristics
Some of the personality traits that may impact your decision-making are:
- Overconfidence: This is a common trait that can compromise decision-making. Many people overestimate their performance and knowledge.
- Risk-taking or risk-averse: Natural r...
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Good decision-makers use their available time
Rushed decisions are rarely the best decisions. When someone makes decisions too quickly, they are often guided by biases and natural inclinations rather than objective information. Take advantage of the time you have available to make your decisions.
I...
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Good decision-makers stay open-minded
Resisting the urge to draw conclusions and staying open-minded until reaching a final decision can help you to overcome confirmation bias and make better decisions.
It is a natural tendency to draw conclusions first, then seek out evidence that supports it. However, this c...
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Good decision-makers collect information
Understanding why you are making decisions, what your options are and the impact of selecting each option helps you make more informed and better choices.
The most successful decision-makers know when they have collected enough information to make the best decisions. Once they have, th...
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Good decision-makers know their goals
The decisions you make should help you or your company achieve goals. Identifying your individual and business goals can direct you toward the best choice. When you know what results you want, making decisions can be more straightforward.
For example, imagine you are considering whether...
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Good decision-makers understand some options have equal value
- The natural tendency to weigh and rank options undermines the concept that sometimes options have relatively equal value. You could research your options for days or weeks and still be unclear about which is a better proposition.
- Understanding this and committing to...
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Good decision-makers embrace the consequences
Every decision you make has consequences for you, and potentially for other people as well. Try to adjust your thinking to make decisions without worrying about making mistakes.
Though you need to consider potential outcomes, the safest option is not always the best one. If you choose ...
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Good decision-makers learn from past decisions
Every time you make decisions, you can get better at it.
- Reflect on the choices you make and their outcomes. Note whether the results were entirely favorable or could have gone better.
- Identify areas for improvement, and consider how you could be...
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Good decision-makers imagine different scenarios
Imagining what could happen before you act can help guide you toward the best decision.
Consider how your decisions would improve your life and the lives of others close to you. This approach can be more effective than making a list of pros and cons, as it recognizes not every benefit ...
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Good decision-makers eliminate options before reaching a final decision
Having a variety of choices early in the decision-making process is important, but in time a wide range of choices can be overwhelming and confusing.
Eliminating options throughout the decision-making process reduces these feelings. Discount choices when you learn they are not the ...
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Good decision-makers consider all their options
The more alternatives you consider, the more likely you are to make successful decisions. Carefully considering a wide range of potential choices is best.
Communicating with others during your decision-making process can offer fresh perspectives that may present alternatives you hadn't con...
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Applying these proven decision-making strategies should help you become a better decision-maker.
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A good decision now, on imperfect data
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