The Art of Decision-Making
What makes certain decisions superior to others? It depends on the quality and quantity of information and reasoning employed to reach the decision. Incorrect and/or inadequate information and reasoning lead to flawed forecasts of future outcomes, resulting in poorly informed decisions based on misguided expectations about the effects of a decision. A decision is regarded as high quality when the decision-maker comprehends the risks associated with that choice. They recognize the quality of their information and the biases in their reasoning. A prudent decision is one in which you recognize your lack of knowledge. If a decision is reached from options without fully understanding the outcomes of one choice over another, yet the outcome is positive, can it be considered a wise choice? No, it was merely a "fortunate outcome." It was a stroke of luck. Even bad decisions can result in fortunate outcomes.
Carefully crafted choices (sound decisions) are more likely to produce positive results. A poor choice is a hasty, ill-informed decision. The decision maker selects from options without fully grasping all the necessary information regarding the advantages and disadvantages of each choice, or if all alternatives have been considered. They are unaware of the quality of their information, whether it is good or bad. A well-informed (effective) decision relies on a thorough examination of the accessible data and logical reasoning. The quality of a decision reflects the extent to which the decision maker was informed when selecting from the available choices. A bad choice is one where the decision maker lacks adequate knowledge due to incorrect information, insufficient information, or flawed reasoning. Sound decisions are not reliant on chance. They are not merely the outcome of "rolling the dice"; they represent instances of calculated risk-taking.
Steps for Making Great Decisions
Avoid putting pressure on yourself to be completely certain about any single choice; instead, focus on which option, both objectively and subjectively, aligns best with your values and objectives, considers the number of advantages compared to disadvantages, reflects how you imagine your feelings toward that choice in the future and incorporates feedback you’ve obtained from relevant sources on how to move forward. From that point, it's essential to dedicate yourself to that action, put in your full effort, and believe that you made the best choice you could. For many of us, making decisions can often be intimidating. However, that doesn’t imply we cannot complete this task with more confidence and improved readiness. The goal isn't to make decision-making simple, necessarily—although these methods can indeed lead to this outcome. It aims to cultivate a stronger assurance in our selected choices, along with the act of choosing itself.
The domain of behavioral economics has shown that individuals do not consistently act rationally in their decision-making processes. Luckily, many personal and work-related decisions have either minor or no lasting negative outcomes. Nonetheless, there are times when an individual must choose something that will significantly influence their future—from whom they marry to where they reside to how they handle their work life. In such situations, it's crucial to steer clear of typical traps that may result in ineffective decision-making. These can involve conducting insufficient or excessive research, confusing opinions with facts, experiencing decision fatigue, not learning from previous mistakes, and others.
Think Outside the Box
‘She did not know then that imagination is the beginning of creation. You imagine what you desire; you will what you imagine; and at last, you create what you will.’
-George Bernard Shaw
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Thinking outside the box is a way of making decisions creatively and innovatively. It involves looking at problems from a different perspective and questioning assumptions. Consider your perspectives and beliefs. Ask yourself questions about your openness to change and your awareness of your biases. The following techniques will help you think outside the box.
Instead of being narrow-minded, you ought to embrace fresh ideas and viewpoints. The initial step is becoming accustomed to contemplating matters that lie beyond your comfort zone. Considering unconventional ideas assists you in tackling difficult issues. It enables you to explore beyond a specific range of relevance to uncover solutions that wouldn’t be found otherwise. Considering different perspectives also compels you to broaden your view. As you examine your surroundings, you start to notice looming dangers and possibilities. That strategic foresight allows you to stay in front of profit or loss trends since you can take proactive steps.
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References
1.???? Christine Miller, et al., (2021). Outside the Box: Promoting Creative Problem-Solving from the Classroom to the Boardroom. Journal of Effective Teaching in Higher Education; 4(1). DOI: 10.36021/jethe.v4i1.204
2.???? Supiano, B. (2020). The Creativity Challenge. Chronicle of Higher Education Report. https://store.chronicle.com/products/the-creativity-challenge
3.???? Sawyer, K. (2012). Explaining creativity: The science of human innovation. Oxford University Press.