A framework to make big decisions with confidence
Decision making is a huge part of the daily functional life of any individual, thus learning how to effective make decisions are worth exploring. Though the experience of making decisions can be somewhat paralyzing at times it can also be fairly easy once the art is learnt and practiced regularly.
Major Decision Making Factors:
* Past Experience.
* Cognitive Biases.
* Individual Differences.
* Escalation of Commitment.
Improve Decision Making Skills:
List the advantages and disadvantages of your decision
Get a sheet of paper, make a two-column layout and write 'Advantages' at the left column and at the right column, the 'Disadvantages.' List down all the advantages and disadvantages you can think of related to your decision.
Rate your list of advantages and disadvantages
Rate each advantage or disadvantage you have listed using a 10-point scale ranging from unimportant to very important. If the advantage or disadvantage is unimportant, you may just rate it '1' but if you believe it is a major advantage or disadvantage, you may rate it a maximum of '10' points. If it is neither unimportant nor very important, your rate will be between the extremes.
Add all the points
Sum up the points you gave for each advantage or disadvantage of your decision. From the total number of points, you will easily see which column has more points than the other. You may adopt the one with the greater number of points.
Evaluating Your Decision:
After applying the steps above and arriving at a decision where the advantages are greater than the disadvantages, evaluate your decision by answering the following questions.
Is your decision urgently needed?
Do you really need to make that decision? If not, then it is better to give more time to ponder your decision. Uncertainty is reduced with the passing of time. Procrastination can offer more opportunities to clear up issues.
Is your decision life changing?
What decisions are life changing? Deciding to marry or changing your job are examples. This involves life-long commitment or giving up an equally important choice so you must seriously think about the consequences of your decision.
Who will be affected by your decision?
If the only person who will be affected by the decision is you, then your decision should be quick. If something goes wrong, there is no one to blame but you. If your decision affects others, it will be wise to consult them, too.
when you have made up your mind, the way to go is to take action. There is no such thing as an ideal decision. Go for it.
and much more....