Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.
* * *
There are many ways to improve your decision making, but two simple rules can be particularly helpful.
o First, be less certain — about every part of your decision-making process. Think choice A will lead to outcome B? It’s probably less likely than you believe. Think outcome B is preferable to outcome C? You’re probably too confident about that as well.
o Revisit the logic of your decisions. What else would you think about if you were less sure that A causes B, or that B is preferable to C? Second, always ask yourself, “How often does that typically happen?”
o For example, if you were considering funding a startup, you might ask: What percentage of startups fail? (Or, what percentage succeed?)
Accepting that you know less than you think you do [i.e. recognizing your “unknown unknowns”] is one of the best ways to start making better decisions.
Adapted from “3 Ways to Improve Your Decision Making,” by Walter Frick
To check out that HBR article and join the discussion, please click here.
Here’s a direct link to dozens of other Management Tips.
,