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3 Decision-Making Mistakes You Should Avoid

3 decision-making mistakes that you must avoid

  1. Impulsivity. Thorough decisions combine all three senses – seeing, hearing and feeling. Impulsive decisions always lack one of these elements.
  2. Allowing yourself to be persuaded against your better judgment.  The selfish judgment of others should not interfere with your decisions. 
  3. Analysis paralysis. Inner conflict usually means a 'no'. Put off your decision for a while. Make an assessment of the risks involved and decide what size of risk you are willing to take.

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3 Decision-Making Mistakes You Should Avoid

3 Decision-Making Mistakes You Should Avoid

https://addicted2success.com/life/3-decision-making-mistakes-you-should-avoid/

addicted2success.com

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Key Idea

3 decision-making mistakes that you must avoid

  1. Impulsivity. Thorough decisions combine all three senses – seeing, hearing and feeling. Impulsive decisions always lack one of these elements.
  2. Allowing yourself to be persuaded against your better judgment.  The selfish judgment of others should not interfere with your decisions. 
  3. Analysis paralysis. Inner conflict usually means a 'no'. Put off your decision for a while. Make an assessment of the risks involved and decide what size of risk you are willing to take.

SIMILAR ARTICLES & IDEAS:

The ABCDs of categorizing decisions
The ABCDs of categorizing decisions
  • Big-bet decisions: infrequent and high-risk - from major acquisitions to game-changing capital investments;
  • Cross-cutting decisions: frequent and high-risk - think pricin...
Approaching big bet decisions
  • Appoint an executive sponsor to work with a project lead to frame important decisions for senior leaders to weigh in on;
  • Break things down (with decision meetings at each stage), and connect them up.
  • Focuses on debating the solution (instead of endlessly elaborating the problem) and gather the right people.
  • Move faster without losing commitment: get comfortable living with imperfect data and being clear about what “good enough” looks like.
Approaching cross-cutting decisions
  • Identify decisions that involve a cross-cutting group of leaders, and work with the stakeholders of each to agree on what the main steps in the process entail.
  • Work through a set of real-life scenarios to pressure-test the system in collaboration with the people who will be running the process.
  • Limit the number of decision-making bodies, and clarify for each its mandate, standing membership, roles etc.
  • Create shared objectives, metrics, and collaboration targets.

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Work on the right decision

The way you frame your decision at the outset can make all the difference. 

State your decision problems carefully, acknowledge their complexity and avoid unwarranted assumptions ...

Specify your objectives

A decision is a means to an endAsk yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal.

Decisions with multiple objectives cannot be resolved by focusing on any one objective.

Create imaginative alternatives

Your decision can be no better than your best alternative.

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Our emotions are short-term biased

Our emotions are obsessed with the present moment because it’s difficult to look past our immediate fears and anxieties. And this prevents good decision-making.

The sweet spot in de...

“Risky” behavior you should consider
  • Propose “moonshot” ideas, knowing that 90% of them will get shot down, but that if one of them gets accepted, it will be a huge boost to your career.
  • Be excessively bold in your dating life, stating exactly who and what you want.
  • Buy difficult books expecting that most of them won’t be useful to you, but also that, occasionally, one will completely change your life.
  • Say yes to every invitation knowing that most of the events/people will be boring, but that occasionally you’ll meet someone really interesting.
Optimizing life for fewer regrets

Most of us are afraid of messing thing up. But we rarely ask, “Would I regret that failure?” If the answer is “no,” then that is absolutely a risk you should pursue.

Sometimes, the right decision becomes crystal clear when put into these terms.

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Accept your emotions

Recognize what happened and how you feel. Suppressing your emotions will get you nowhere. It’s important to first focus on how you feel.

You can also journal your emotions or speak with a clo...

Focus on the facts

Take a step out of the emotions and stress to really look at the facts of the situation. Try to look at the situation objectively and seek ways to work productively toward solving it.

Get an outside perspective, if you struggle with getting the facts in an objective manner.

Don't let it consume you

Once we’ve made what we’d call a bad decision, we give it a lot of meaning it does not inherently have.

So try to mentally separate yourself from the decision. Doing so can help you strip it of its power.

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Not Making Good Decisions
We are exposed to biases that influence our ability to make good decisions.
  • We are quick to jump to conclusions because we fail to search for information that might disprove our thoughts.
The Four Villains of Decision Making
  • Narrow framing: The tendency to define our choices in binary terms. We ask, "should I, or shouldn't I?" instead of “What are the ways I could...?”
  • Confirmation bias: People tend to select the information that supports their preexisting attitudes, beliefs, and actions. 
  • Short-term emotion: When we’ve got a difficult decision to make, our feelings occupy our minds. And this doesn't add any new information that could benefit us. 
  • Overconfidence: People often think they know more than they actually do about how the future will unfold.
Defeating Decision-Making Villains
  • Counter narrow framing by widening your options. Expand your set of choices.
  • Confirmation bias leads you to gather self-serving information. Analyze and test your assumptions to overcome the bias.
  • Short-term emotion will tempt you to make the wrong choice. So distance yourself before deciding.
  • Prepare to be wrong. Don't be overconfident about how the future will unfold.
Effective communication

... is imperative for every successful business. Poor communication inevitably causes misunderstandings, confusion and conflicts that hinder productivity and professi...

Effective Communication is vital in business
  • It helps to create effective brand messaging.  It determines how your brand is perceived and also builds trust with customers.
  • Customer service relies on good communication. "60% of consumers have stopped doing business with a brand due to a poor customer service experience."  Microsoft’s 2016 Global State of Customer Service Report.
  • It enables positive team relationships.  Effective communication helps to unite teams and create a safe environment to express themselves.
  • It helps to prevent misunderstandings and conflicts. It can help to defuse a potentially explosive dispute while bad communication can set it off.

Worst Communication Mistakes
  1. Using a One-Size-Fits-All Communication Approach. Tailor the communication style to the intended audience.
  2. Speaking More and Listening Less. Listen to what is said, how it is said, and to what is not said.
  3. Assuming Instead of Asking More Questions.
  4. Using Negative Tone. Choose words carefully to eliminate negative reactions.
  5. Avoiding Difficult Conversations.

  6. Reacting, Not Responding.

  7. Not Keeping an Open Mind. Accept and respect differences, listen without judgment and consider all sides of an issue.

Making decisions
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
  1. 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.
  2. 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.
  3. 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.
  4. 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.
Rushing to conclusions

It’s sometimes necessary to make decisions quickly. But if you’re frequently skipping steps, you could be misdiagnosing problems and making decisions that don’t solve anything.

Take th...

Dodging the decision

Sticking your head in the sand and just hoping it will go away isn't wise. Procrastination only causes problems to fester and possibly grow bigger. 

For example, if you have two feuding employees, you may avoid confronting the issue in the hope they will work it out on their own. If they don’t, the conflict may grow and boil over.

Over-analyzing information

To overthink a decision may cause you to miss time-sensitive opportunities.

Whether it’s due to fear or perfectionism, being indecisive and taking too much time to gather information not only affects the productivity of your business, but it also damages your employees’ confidence in you as a leader.

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Decision-making errors

Most decision-making errors boil down to:

  • logical fallacies (over-generalizations, comparing apples and oranges, circular thinking)
  • limiting beliefs (underes...
Confirmation Bias

If you already have an opinion about something before you've even tried to figure it out, chances are you'll over-value information that confirms that opinion.

Think about what kinds of information you would expect to find to support alternative outcomes.

Attribution Bias

The “fundamental attribution error,” is when we excuse our own mistakes but blame other people for theirs.

Give other people the chance to explain themselves before judging their behavior.

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Every Decision In Life Becomes a Trade-Off
Every Decision In Life Becomes a Trade-Off

... and boils down to what we give up to attain something. Our mindsets are inclined towards pleasure and resistive towards pain. We normally like to think in terms of gai...

Good and Bad Decisions

Decisions are a cost-benefit analysis of risking something small for the opportunity to gain something big.

  • Good decisions can be: Exercising, meditating for 10 minutes daily, finding the courage and striking up a conversation with someone, applying for jobs that you may or may not get.
  • Bad decisions can be: lying or pretending to someone, driving unsafely, sending angry text messages, or staying up late drinking before an important meeting or exam in the morning.
Trade-offs and Life Values

Trade-offs are not something as simple as flipping a coin. Our values guide us towards what we want in life, and it is not the same for all. Example: Buying a house has a trade-off of mortgage for the next ten or more years. This is subjective and depends on what we value in life.

Indecisive people suffer because they don’t know their inner values and what they care about.

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