Learn more about problemsolving with this collection
Conducting market research
Analyzing data to make informed decisions
Developing a product roadmap
Boundary rules for better decisions
They guide the choice of what to do (and not do) without requiring a lot of time, analysis, or information.
They work well for categorical choices, like a judge’s yes-or-no decision on a defendant’s bail, and decisions requiring many potential opportunities to be screened quickly.
These rules also come in handy when time, convenience, and cost matter.
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Simple rules
They are shortcut strategies that save time and effort by focusing our attention and simplifying the way we process information. The rules aren’t universal- they’re tailored to the particular situation and the person using them.
We use simple rules to guide decision making every day....
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Stopping rules for better decisions
They help you learn when to reverse a decision.
Stopping rules are particularly critical in situations when people tend to double down on a losing hand.
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Prioritizing rules for better decisions
They rank options to help decide which of multiple paths to pursue.
They are especially powerful when applied to bottleneck activities - pinch-points in companies, where the number of opportunities swamps available resources, and prioritizing rules can ensure that these resources are...
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Making Reversible Or Fixable Decisions Fast
You don't need to make the perfect decision all the time, and if you want to preserve your decision-making energy for the things that actually matter, then try to make decisions that are not critical (e. g. deciding what toilet paper to buy or which Airbnb to rent)
Other Tips For Better Choices
- Be skeptic, meditate, learn from previous mistakes, know what the data and it’s context means, and trust your informed judgment.
- Focus on the quality of information you’re getting, not the quantity.
- Set a time limit for yourself, and ensure you’re not usi...
Common Explanations for Status Quo Bias
These explanations are all irrational for preferring the status quo:
- Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
- Sunk Costs: We continue to invest resources like time, mone...
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