Tag: decision-making process

In order to prevent conflicts across age divides, organizations need to avoid dangerous judgment errors. That's the key take-away message of this episode of the Wise Decision Maker Show.

Your relationships will be undermined or even destroyed by the COVID-19 coronavirus pandemic, unless you take proactive steps right now to save them by treating our current conditions as the new normal.

When it comes to shopping, men tend to take more risks, while women prefer to take their time to get the best possible deal. Both genders are prone to mistakes. However, you can train your mind to make the wisest shopping decisions this Valentine’s Day.

Effective strategic planning involves: 1) Identifying potential threats and opportunities; 2) Planning how to deal with them; 3) Reserving sufficient resources to address threats and opportunities; 4) Making your plans resilient and flexible.

The choice that feels most comfortable to your gut is often the worst decision for your bottom line. To be a truly wise decision maker, you have to adopt counterintuitive, uncomfortable, but highly profitable techniques to avoid business disasters by making the best decisions.

To get colleagues in denial to believe the truth, use EGRIP: 1) discover their emotions; 2) then their goals; 3) build up rapport; 4) provide info to change their mind; 5) offer positive reinforcement for them updating their beliefs.

To make changes, the rewards must be a 2 or more or you might as well consider other potentials. On the negative side if the potential downsides are nearly a 4 or more then you may want to forget about taking such a risk.

In order to make the best decisions, follow these decision-making process steps: 1) Identify need for decision 2) Get relevant info 3) Decide goals 4) Develop criteria 5) Generate a few viable options 6) Weigh options 7) Implement decision 8) Revise implementation and decision as needed

Cognitive biases lead to typical business strategic analyses such as SWOT giving a false sense of comfort and security. The result? Appalling oversights that ruin profitable businesses and bring down high-flying careers.

Because we usually feel that everything is going to go according to plan, we don’t pay nearly enough attention to potential problems and fail to account for them in our plans. This problem stems from a dangerous judgment error called planning fallacy.