I teach Thinking and Deciding in Business for multiple schools in Romania and abroad. On top of that, I am an angel investor, a trainer and I run marathons, often dressed as Mickey Mouse.
Joined Mar 31, 2021
So many of us think efficiency means jumping right in and making a decision. But to be truly effective, we need to be clear on what we are solving for. Rushing can lead you to make a decision based on the wrong factors, which ultimately will lead to regret.
Analysis paralysis is the tendency to act only when you are ultra-confident about the chosen solution can result from two psychological mechanisms: the fear of making mistakes and the belief that, choosing a solution now, we miss the chance of finding a much better one.
The first problem with our persuasion efforts is that we put too much trust in our natural ability to convince and therefore we usually turn up for the meeting totally unprepared.
Make a case for preparing thoroughly for a meeting.
Jot down your ideas on a piece of paper, try to think what the other will say, try even to rehearse with a friend or in front of a mirror. Writing things down also helps with our mindset.
To create a product or a service that is no longer needed, but you keep spending money, time, and effort on other features, hoping that maybe you can rescue it? This thing is known as “throwing good money after bad” and economists call it the “sunk cost effect”.
Sometimes, the effect is so strong that people are immune to any explanation, mathematical, financial, or otherwise.
While working remotely, it is important to have clarity of roles in group decisions.
One common solution is to have a small decision making team, with clearly assigned roles, one of the most important being the decision driver, a person who guides the whole process.
Do not confuse this role with the person in charge of the final decision, usually the big boss; the decision driver is just the project manager of the decision.
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