The sunk cost fallacy - Deepstash

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How to Prioritize Work: 7 Practical Methods for When "Everything is Important"

The sunk cost fallacy

Humans are especially susceptible to the “sunk cost fallacy”—a psychological effect where we feel compelled to continue doing something just because we’ve already put time and effort into it.

But the reality is that no matter what you spend your time doing, you can never get that time back. And any time spent continuing to work towards the wrong priority is just wasted time.

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SIMILAR ARTICLES & IDEAS:

Personal Operations Category
  • Task management. This one is most commonly taught and includes systems like Getting Things Done.
  • Knowledge management. This is embodied in systems like productivity educa...
What's on your plate

Prioritizing tasks at work involves getting all your tasks and commitments in one place.  Take a piece of paper and make a list of everything you need to get done. Questions to help you:

  • Do you have commitments to others like your boss, partner, kids, or clients?
  • Do you have anything you need to submit? 
  • Do you have any financial tasks that need to get done? 
  • Do you have any planning that needs to get done? 
  • Do you have any administrative tasks? Legal, insurance, staffing, or training?
  • Do you have any professional development tasks that need to get done? Training, areas to research, skills to develop, books to read or study, or classes to take?
Brainstorm your goals

Find your goals. Without them, it is impossible to prioritize your tasks. Try to set 90-day goals, which is long enough to make meaningful progress. Questions to prompt goals:

  • What’s the one thing you could do that makes everything else easier or unnecessary?
  • If you were giving advice to someone else in your position, what 1-3 things would you tell them to focus on?
  • What do you want to have accomplished over the next five years?
Ruthless prioritization

It means deciding not to do things you'd really like to do. It also means deciding what's the most important task even when everything on your list feels crucial.

But if you can prioritize...

Consolidate All of Your Tasks Into a Single Source

To-dos arrive from a variety of sources. Your boss sends you an email, you get a Slack message from IT, a bill arrives in the mail, or a coworker asks for a favor in the hallway.

In order to prioritize your task list efficiently, you need a master to-do list that contains all of the tasks you need to prioritize and complete from all of those sources.

Analyze Your Task List

Go through your list, review each task, and decide what you want to do with it. You have 4 options:

  • Do: complete the task now
  • Defer: complete it later
  • Delegate: assign it to someone else
  • Delete: remove it from your list