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
Instead, the key difference is the astronomically quick growth of social media as the source from which people get their news, and the prevalence of misinformation on social media, since tech companies aren’t doing much to filter out fake news.
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.
Avoiding Disastrous Decisions involves:
1) Deciding the decision criteria
2) Weighing importance of criteria
3) Grading your options using the criteria
4) Checking with your head and gut
5) Sticking to your choice
