The trick to making good decisions successfully is to make informed decisions. In other words, set goals, gather information, analyze alternatives in relation achieving the goals, making a choice of which option to implement, and analyzing the results.
WHAT IS THE DECISION MAKING PROCCESS?
“Decision-making is the process of selecting the best course of action from a set of alternative options to
achieve a desired goal or objective.” www.geeksforgeeks.org/
▲ Image Source: Dreamstime.com
Unfortunately, that’s not the method of decision-making most people employ in everyday life. Overall, it is appalling how many choices are made without knowing the desired goal or getting the facts first. Day-to-day decision making is too frequently driven by mood, impulse, hearsay, bias, limited time, and habit.
“When you look at all possible sources of information with an open mind, you can make an informed decision based on facts rather than intuition.” www.psychologytoday.com
That does not imply that informed decision making discounts gut instincts, intuition, or even hearsay. The perception of others, whether true or not, is still a fact that may need to be considered. These are pieces of information used in the analysis necessary to determine the final action. The point is that the decision should not be based on those things alone without considering the other facts.
P.S. A “good” decision requires implementation, even if that is deciding to do nothing. That is always a choice.
THE NATURE OF DECISION MAKING
Every step in life is a choice, even how we react to and feel about things, situations, and people. Most of them humans make without even having to think of it as a decision.
“Decision-making is the process of selecting the best course of action from a set of alternative options to
achieve a desired goal or objective.” www.geeksforgeeks.org/
▲ Image Source: Dreamstime.com
Unfortunately, that’s not the method of decision-making most people employ in everyday life. Overall, it is appalling how many choices are made without knowing the desired goal or getting the facts first. Day-to-day decision making is too frequently driven by mood, impulse, hearsay, bias, limited time, and habit.
“When you look at all possible sources of information with an open mind, you can make an informed decision based on facts rather than intuition.” www.psychologytoday.com
That does not imply that informed decision making discounts gut instincts, intuition, or even hearsay. The perception of others, whether true or not, is still a fact that may need to be considered. These are pieces of information used in the analysis necessary to determine the final action. The point is that the decision should not be based on those things alone without considering the other facts.
P.S. A “good” decision requires implementation, even if that is deciding to do nothing. That is always a choice.
THE NATURE OF DECISION MAKING
Every step in life is a choice, even how we react to and feel about things, situations, and people. Most of them humans make without even having to think of it as a decision.
Applying the Pareto Principle (also known as the 80-20% Rule) to decision making, 80% of the results come from 20% of the decisions made. That makes sense because a majority of decisions we make are automatic, without thinking, particularly when the situation is familiar and we have information and experience to rely on (although that can be misleading at times). Image Source: www.linkedin.com/decision-making-marcin▲
The point of this principle is to recognize that most things in life are not distributed evenly, including decisions. And, of course, to realize that what we might consider “big decisions” are not necessarily the most important ones.
The point of this principle is to recognize that most things in life are not distributed evenly, including decisions. And, of course, to realize that what we might consider “big decisions” are not necessarily the most important ones.
Big or miniscule, effective decisions are:
1) Goal-oriented;
2) A Dynamic Process;
3) An ongoing process;
4) An intellectual or rational process;
and
5) Involves alternatives.
◄www.geeksforgeeks.org/
1) Goal-oriented;
2) A Dynamic Process;
3) An ongoing process;
4) An intellectual or rational process;
and
5) Involves alternatives.
◄www.geeksforgeeks.org/
THE PROBLEM WITH INFORMED DECISION MAKING
The biggest problem with making informed decisions is the “becoming informed” part.
Even with all the wisdom of the internet at our fingertips, it still takes time and effort to learn enough about whatever it is we need to know. In fact, there is so much out there it is hard to know who to believe. The up side is that once you’ve made certain basic decisions, you don’t have to make them over and over, at least until something changes.
THE STEPS TO INFORMED DECISION MAKING
1. Identifying the problem or decision to be made.
First, pin down the problem/decision to be made, then define the desired goal or outcome of the decision. Incorrectly identifying the problem or decision can derail your efforts from the get-go. Goals associated with the decision need to be quantifiable and feasible.
2. Collecting the information
Once you know what decision is to be made and the goal, collect the facts and information. Don't get caught up in information overload, which can complicate the process. Only gather facts pertinent to the decision to be made, not everything there is to know about the subject. Non-substantial “facts” like intuition or public opinion can be significant also.
3. Discover and Evaluate Alternatives
Equipped with a goal/problem and pertinent data, identify alternative courses of action, assess them in relation to what you need to achieve, the risks, and how much risk you are willing to take, and potential outcomes: i.e. the pros and cons of each potential decision. Remember to consider how the decision is likely to affect others.
4. Select the Best Alternative
5. Implementation and Follow-up
After a set period, which was determined in the first step, revisit your decision to evaluate its effectiveness. Did it achieve the intended goal? If the answer is yes, document the successful strategies for future reference. If not, take this as a learning opportunity to refine your decision-making process for future endeavors
The biggest problem with making informed decisions is the “becoming informed” part.
Even with all the wisdom of the internet at our fingertips, it still takes time and effort to learn enough about whatever it is we need to know. In fact, there is so much out there it is hard to know who to believe. The up side is that once you’ve made certain basic decisions, you don’t have to make them over and over, at least until something changes.
THE STEPS TO INFORMED DECISION MAKING
1. Identifying the problem or decision to be made.
First, pin down the problem/decision to be made, then define the desired goal or outcome of the decision. Incorrectly identifying the problem or decision can derail your efforts from the get-go. Goals associated with the decision need to be quantifiable and feasible.
2. Collecting the information
Once you know what decision is to be made and the goal, collect the facts and information. Don't get caught up in information overload, which can complicate the process. Only gather facts pertinent to the decision to be made, not everything there is to know about the subject. Non-substantial “facts” like intuition or public opinion can be significant also.
3. Discover and Evaluate Alternatives
Equipped with a goal/problem and pertinent data, identify alternative courses of action, assess them in relation to what you need to achieve, the risks, and how much risk you are willing to take, and potential outcomes: i.e. the pros and cons of each potential decision. Remember to consider how the decision is likely to affect others.
4. Select the Best Alternative
5. Implementation and Follow-up
After a set period, which was determined in the first step, revisit your decision to evaluate its effectiveness. Did it achieve the intended goal? If the answer is yes, document the successful strategies for future reference. If not, take this as a learning opportunity to refine your decision-making process for future endeavors
TIPS ON MAKING BETTER DECISIONS
Fortunately, most personal and professional choices have few or no long-term, negative consequences. However, sometimes a person has to make a decision that will have a profound impact on their future—from who they marry to where they live to how they manage their professional career.” www.psychologytoday.com
◄ image source: dreamstime.com
● Plan but be flexible and open minded. During the decision-making processes, new ideas and facts may be revealed, suggesting that adjustments need to be made.
● Avoid Overconfidence can interfere with good judgment. Behavioral studies show that people tend to overestimate their performance and the accuracy of their knowledge.
● Identify and Understand the risks, There is a degree of risk with every decision we make. Identifying those and understanding how much risk you are willing to take is essential. Being a good decision-maker sometimes requires being willing to take a risk. Poor decisions can be the result of having grown accustomed to your habits and don’t think about the danger or harm you’re causing.
● Identify and evaluate your habits (in relation to the decision to be made) and consider which might be harmful or unhealthy and impede the goal you are trying to achieve. For example, if the goal is to save money on groceries, consider changing your habit of shopping only at a particular store and shop at a different location or at several locations rather than just one store.
● Reframe the problem. The way the question is posed plays a significant role in how you’ll respond and how you’ll perceive your chances of success.
For example, “Imagine two surgeons. One surgeon tells his patients, ‘Ninety percent of people who undergo this procedure live.’ The other surgeon says, ‘Ten percent of people who undergo this procedure die.’ The facts are the same. However, research shows people who hear "10% of people die" perceive their risk to be much greater." www.verywellmind.com/
● Evaluate past mistakes. Recognize your biases and emotions that affect choices and • challenge your preconceptions. www.verywellmind.com/
Fortunately, most personal and professional choices have few or no long-term, negative consequences. However, sometimes a person has to make a decision that will have a profound impact on their future—from who they marry to where they live to how they manage their professional career.” www.psychologytoday.com
◄ image source: dreamstime.com
● Plan but be flexible and open minded. During the decision-making processes, new ideas and facts may be revealed, suggesting that adjustments need to be made.
● Avoid Overconfidence can interfere with good judgment. Behavioral studies show that people tend to overestimate their performance and the accuracy of their knowledge.
● Identify and Understand the risks, There is a degree of risk with every decision we make. Identifying those and understanding how much risk you are willing to take is essential. Being a good decision-maker sometimes requires being willing to take a risk. Poor decisions can be the result of having grown accustomed to your habits and don’t think about the danger or harm you’re causing.
● Identify and evaluate your habits (in relation to the decision to be made) and consider which might be harmful or unhealthy and impede the goal you are trying to achieve. For example, if the goal is to save money on groceries, consider changing your habit of shopping only at a particular store and shop at a different location or at several locations rather than just one store.
● Reframe the problem. The way the question is posed plays a significant role in how you’ll respond and how you’ll perceive your chances of success.
For example, “Imagine two surgeons. One surgeon tells his patients, ‘Ninety percent of people who undergo this procedure live.’ The other surgeon says, ‘Ten percent of people who undergo this procedure die.’ The facts are the same. However, research shows people who hear "10% of people die" perceive their risk to be much greater." www.verywellmind.com/
● Evaluate past mistakes. Recognize your biases and emotions that affect choices and • challenge your preconceptions. www.verywellmind.com/
THE FEAR OF MAKING DECISIONS
No kidding. This is a real phobia with a scientific name: Decidophobia
According to Aimee Daramus, PsyD, a licensed clinical psychologist, "Decidophobia is the fear of making a wrong decision. Most of us have a little anxiety about some decisions, but someone with decidophobia will feel intense, paralyzing fear about even everyday decisions.” www.verywellmind.com/decidophobia
Decidophobia is classified as a specific phobia, under the umbrella of anxiety disorders. The mental health profession defines a specific phobia as an extreme, irrational fear of a specific object or situation that doesn’t actually pose any danger. Well, I would think certain decisions do pose a danger, but no one asked me for my opinion.
There has not been much research on this phobia, so scientists don’t know how common it is, but studies do indicate that 12.5% of all adults in the US will experience a specific phobia in their lifetime.
JUST SAYIN’
Sources:
https://www.geeksforgeeks.org/business-studies/6-steps-of-decision-making-process/
https://www.geeksforgeeks.org/business-studies/decision-making/
https://www.psychologytoday.com/us/basics/decision-making
https://www.verywellmind.com/habits-for-better-decision-making-4153045
https://www.verywellmind.com/decidophobia-symptoms-causes-diagnosis-and-treatment-5222087
https://www.simplypsychology.org/pareto-principle.html
https://www.truworthwellness.com/blog/10-steps-for-quick-great-decisions/
https://www.lifehack.org/articles/productivity/5-tips-for-lightning-fast-decision-making.html
https://www.healthline.com/health/mental-health/decidophobia
https://www.linkedin.com/onboarding/start/profile-location/new/?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Fpulse%2Fpareto-analysis-8020-rule-effective-decision-making-marcin-majka-91g9f&source=coreg
No kidding. This is a real phobia with a scientific name: Decidophobia
According to Aimee Daramus, PsyD, a licensed clinical psychologist, "Decidophobia is the fear of making a wrong decision. Most of us have a little anxiety about some decisions, but someone with decidophobia will feel intense, paralyzing fear about even everyday decisions.” www.verywellmind.com/decidophobia
Decidophobia is classified as a specific phobia, under the umbrella of anxiety disorders. The mental health profession defines a specific phobia as an extreme, irrational fear of a specific object or situation that doesn’t actually pose any danger. Well, I would think certain decisions do pose a danger, but no one asked me for my opinion.
There has not been much research on this phobia, so scientists don’t know how common it is, but studies do indicate that 12.5% of all adults in the US will experience a specific phobia in their lifetime.
JUST SAYIN’
Sources:
https://www.geeksforgeeks.org/business-studies/6-steps-of-decision-making-process/
https://www.geeksforgeeks.org/business-studies/decision-making/
https://www.psychologytoday.com/us/basics/decision-making
https://www.verywellmind.com/habits-for-better-decision-making-4153045
https://www.verywellmind.com/decidophobia-symptoms-causes-diagnosis-and-treatment-5222087
https://www.simplypsychology.org/pareto-principle.html
https://www.truworthwellness.com/blog/10-steps-for-quick-great-decisions/
https://www.lifehack.org/articles/productivity/5-tips-for-lightning-fast-decision-making.html
https://www.healthline.com/health/mental-health/decidophobia
https://www.linkedin.com/onboarding/start/profile-location/new/?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Fpulse%2Fpareto-analysis-8020-rule-effective-decision-making-marcin-majka-91g9f&source=coreg
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