Decision Making

  1. Why do we need to learn decision-making?
  2. What is decision-making?
  3. 5 Steps of decision-making
  4. Examples of decision making
  5. Pareto Principle
  6. Decision fatigue
  7. Execution vs planning
  8. Decision paralysis
  9. False hope syndrome
  10. Akrasia Effect
  11. Inspiration and Transpiration
  12. Embrace failures
  13. Time perception


We make small and big decisions every day, such as which food to eat, the program to watch, the carrier to choose, etc. Basically, the quality of our lives depends on the quality of our decision-making.

Conversation between A and B about decision-making. 
              B: The quality of our lives depends on the quality of our decision-making

Decision-making is a process that anyone can master. The process increases your chances to choose a good option among a range of options.

Conversation between A and B about decision-making. 
              B: Decision making is a skill that anyone can learn

5 Steps of decision-making

Decision-making is a skill that anyone can learn and master.

Conversation between A and B about decision-making. 
              	  B: Decision making is a skill not a gift, talent, or some special ability

There are many decisions making processes depending on the situation and circumstances; however, there are five main building blocks for any decision making:

  1. Define the result or the outcome
  2. Describe any limitations, boundaries, or restrictions
  3. List the range of options
  4. Set a decision-making deadline
  5. Define the stakeholders

Conversation between A and B about decision-making process. 
					A: I am bad at making decision.
					B: Decision-making is a process that anyone can learn.
					B: Be sure to define the outcome, limitations or boundaries, options, deadline, and stakeholders.

Decision-making steps:

Decision-making is a skill with five main steps: describing the outcome, setting the limitations or boundaries, list all the options, setting a deadline, and defining the stakeholders.

Conversation between A and B about decision steps. 
              A: I am bad at making decisions
              B: It is ok, just learn how to make better decisions  
              A: How?
              B: Decision-making is a skill that anyone can master
              B:Just define your outcome, the limitations, all the options, deadline, and the stakeholders
              B: One more thing. Be sure not to miss any step to get a better result

Example of decision making outcomes:

It is critical to define clear outcomes for decision-making without any biases, restrictions, or assumptions.

Conversation between A and B about the outcome in decision making.
              A: We are not producing enough
A: How to hire more people to reach our goals?
B: Maybe the outcome should be just how to reach our production goals 
B: And our options could be hiring people, make the actual stuff efficient, buy new machines, etc

Example of decision making constraints:

Be sure to define any limitations or boundaries to narrow down your list of options.

Conversation between A and B about decision making constraints. 
              A: I would like to buy a new car
B: Nice
A: But, I have a hard time deciding.
B: How about some criteria to narrow down the choices?
A: What do you mean?
B: Well, define your maximum budget, electric or petrol, SUV or sedan
B: Always use criteria to help make decisions

Pareto Principle:

The Pareto Principle is that 80 percent of a benefit comes from 20 percent of the effort. Use Pareto Principle to make effective decisions.

Conversation between A and B about decision making constraints. 
              Conversation between A and B about Pareto Principle.
				A: Ah! I am not efficient
				B: Use Pareto principle
				A: What …  burrito …

				B: Focus on the 20% of the tasks that drive 80% of the results.

				A: HAHA … Sorry ... Burrito …

Example of decision fatigue:

Decision fatigue is a serious issue. The more decisions you make, the more difficult it can become to make good decisions.

Conversation between A and B about decision fatigue. 
            A:I am unable to make good decisions after this long day.
B:This is decision fatigue. 
B:Throughout the day, Your decision quality decreases as the decision quantity increases.
B:Some effects are impulsive behaviour, irrational buying.
A:Let’s buy more bitcoin.

Example of execution vs planning:

Execution is a crucial element of planning.
Planning is the process of selecting a course of action, whereas decision-making is selecting a course of action from the alternatives.

Conversation between A and B about execution vs planning. 
            A:I never get things done despite my planning.
            B: Focus on execution.
            B: A great plan is only as good as its execution.
            A: Sounds like a plan.

Example of decision paralysis:

Overcome the false hope syndrome by making the right decisions and realistic goals and plans.

Conversation between A and B about decision paralysis. 
            A: I am unable to make any decision with so many options and choices. 
			B: Decision paralysis.
			B: The more options you have, the harder it becomes to make decisions.

Example of false hope syndrome:

Overcome the false hope syndrome by making the right decisions and realistic goals and plans.

Conversation between A and B to overcome the false hope syndrome. 
              B: What's up?
              A: Writing New Year's resolution.
              A: This year will be different, I promise.
              B: Be aware of the false hope syndrome. Only 8% of people keep their resolutions.
              B:Be realistic, plan, stick to it, and track your progress.
              A:I will be among the 8%. No doubt about it.

Example of Akrasia Effect:

Akrasia is the state of acting against your better judgment.

Conversation between A and B about the Akrasia Effect. 
            A:I never follow my goals or plans
            B:Yeah, Akrasia Effect
            A:What?
            B:Akrasia Effect is procrastination or lack of self-control.
            B:I advise you to find ways to fight it.
            A:Thx, I will plan that tomorrow.

Inspiration and Transpiration:

Make decisions and move forwards, don't waste time wandering around, as success is 5% inspiration and 95% transpiration.

Conversation between A and B about Inspiration and Transpiration. 
            A: I need some sort of inspiration to make good decisions and succeed. 
            B: Success is 5% inspiration and 95% transpiration.
            B: so get your act together.

Embrace failures:

You might make mistakes when you make a decision; just embrace them, learn your lessons, and never give up.

them.
				A: I failed so many times in my life.
				B: Failures are parts of life. Learn from them.

Time perception:

Many factors influence our perception of time, such as our behaviors, judgments, and activities during that particular period of time. Be wise in making decisions to get the best out of your time.

Conversation between A and B about time perception.
				A: Why do weekends feel so fast?
				B: Because you do the same things
				A: What?
				B: Plan your weekend, as time seems to slow down when you are exposed to new places and experiences.