Albert Camus’ The Plague and a surgeon’s decision to drop everything and go to Haiti.
In decision-making, stubborn allegiance to poor investments can cloud our judgment. We make investments in relationships, stocks, homes, businesses, plans for our children, just about everything. And too often prior investments compel continued investment, despite clear evidence that there will be no return or worse a negative return. This is called the sunk-cost fallacy. Read on at https://prismdecision.com/the-sunk-cost-fallacy.
There are many approaches to completing a formal analysis of trade-offs. This post will summarize two.
This is the final of a three-part post that walks step-by-step through a multi-criteria analysis, a formal decision process you might use when making a weighty decision. At https://prismdecision.com/how-to-multi-criteria-analysis-part-3
This is the second of a three-part post that walks step-by-step through a multi-criteria analysis, a formal decision process you might use when making a weighty decision. At https://prismdecision.com/how-to-multi-criteria-analysis-part-2
So, how do you decide? Based on your gut intuition, a formal analysis of trade-offs, your core beliefs, multiple criteria, the alignment to your vision for a preferred future? Or something else? This three-part post will walk step-by-step through a multi-criteria analysis, a formal decision process you might use when making a weighty decision. At https://prismdecision.com/how-to-multi-criteria-analysis-part-1
I firmly believe that having more options is preferable to having fewer options. On the other hand, just about every time I go to the grocery store, I wish there were fewer choices. So I am conflicted: my training and belief system tell me the more options, the better; my experience, sometimes just the opposite. Research now validates the conflict I experience. In fact, Columbia researcher Sheena Iyengar asserts that having too many options results in poorer decisions. Read on at https://prismdecision.com/z4x.
Lebron James seriously miscalculated the effect on his legacy of his recent ESPN self-anointing. How did he miscalculate so egregiously? He was a victim of certainty bias. What is certainty bias and how can you avoid it? Read on at https://prismdecision.com/hra
Often, when making difficult decisions, we choose what is familiar and reject novelty. We favor the status quo because it is “within our comfort zone.” This is a natural human tendency. However, new research reported in the Proceedings of the National Academy of Sciences demonstrates that effective decision makers need to beware of the potential pitfalls of “status quo bias.”
Struggling with a tough decision? Wavering back and forth, unable to make up your mind? Very likely your frustration results from thinking about a complex problem?like buying a house?one factor at a time. To attack a complex problem and keep track of its multiple factors, create a decision matrix.