How NOT to make decisions

How to make better decisions? Most people would love to always make good decisions. While I don’t know how to ALWAYS decide well, a good start is to avoid falling into decision making traps.

But how can I avoid traps I don’t see? It’s probably a good idea to improve eyesight. Since it is easier to spot what I can name, here are two ideas to train my eyes by getting familiarized with typical decision making traps:

1. Study Wikipedia’s compendium of cognitive biases. E.g., select one type of bias, understand the concept, and for one day or one week practice seeing it in all kinds of situations.

2. Use the Named Cows iPhone App* to learn the concepts and share stories with friends (or just visit the Named Cows Facebook page to read cow-spotting stories)
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Or I can stay blind and next time I face an important decision will keep in mind some advice on how NOT to do it. For instance, I will avoid broadening my awareness of what matters (spotlight effect) and focus only on evidence to confirm my initial answer (confirmation bias). Later when I look back, lucky I got great results, I will realize I had known all the time it was the best decision (hindsight bias). If results were not so good, of course there was nothing I could have done (self-serving bias).

Wish us all great decisions… or great luck!

*The App is inspired by Neil Bearden‘s Management Decision Making course at INSEAD