Common decision making pitfalls - Deepstash

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Common decision making pitfalls

  • Analysis paralysis is very common. At some point, you get stuck in the process and can't make a decision. Don't let the fear of making the "right" decision paralyze you. There's no right or wrong outcome. Just outcomes.
  • Extinction by instinct. It is the belief that instincts are effective in decision making. However, it leads to rash decisions.
  • Information overload is when you ask too many people for their opinion. Stick to trustworthy sources and keep them to a minimum.

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MORE IDEAS FROM THE SAME ARTICLE

Asking yourself critical questions forces you to think about what you can't know.

Critical questions direct you to friends, mentors, communities, books, courses, and even podcasts for insights that encourage an outside perspective.

As you become open to other perspectives, remember that other people also don't have all the answers. Adopt a stance of not believing everything instantly.

Keep looking for evidence and other perspectives. When you have collected enough information, make y...

Most people assume that good decision making is choosing a course of action that leads to the desired outcome.

In reality, decision making is about how you end up with your decision, not what the decision leads to.

Before making a decision, don't just ask the obvious questions like "what are my alternatives?" or "what are the consequences?"

Consider instead these questions:

  1. Why might my belief not be true?
  2. What other evidence might be out ...

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Learn from others' mistakes

Bad decisions never look like bad decisions at the moment.

So, a better strategy and faster way to stock up that "things to avoid" bin is learning from others' mistakes.

It amps up our effort to avoid making dumb decisions.

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Three Tips for Making Better Decisions

Have you ever made a decision that you later look back on and regret? This happens when we’re not aware of how we make decisions.

And that’s odd because the decisions we make, or in many cases not make, shape the outcome of lives. But many of us don’t know how we make decisions. By understa...

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Decision Making Process

The decision making process that Dalio, Buffett and Munger use is:

  1. Make the most rational decisions you can;
  2. Look for psychological bias that may have interfered with making a rational decision; and
  3. Expose your hypothesis to very smart people who have a thoughtful con...

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