Decision-making is an essential component of our everyday lives and could have profound impact whether done right or wrong. Sometimes, the smallest decision can change your lives. Ideally, we would all like to make good decisions. However sometimes, the time constraint and pressure imposed can be nerve-wrecking leading to regrettable decision. So, here are 4 simple but effective hacks for better decision-making.
Scrutinize the situation
Think about all the possible scenarios and alternatives you have. For example, what is the motivating need for either decision to be made? The effect to the to the stakeholders? What would happen if no decision was made? The direct and indirect impact of your decision be to the surrounding, yourself and the stakeholders?
Brainstorm Cost-Benefit
Make a mental list of the cost and benefit. Also try to include unexpected cost and benefit. This is a lot easier if there is someone helping you. No harm asking for a helping hand. Once you have already derived a list of costs and benefits, put in perspective and think about how these costs and benefits could change over time.
Follow your intuition
“We don’t know the probabilities of future events. Still, you have to take action, and so you do it on gut feeling. That’s the world we live in.”- Robert J. Shiller
Intuition can do wonders. Sometimes your gut feeling will guide you towards making the right decision. Try to follow your gut feeling.
Embrace Failure and have a back-up plan
Decisions are made up of constants and variables. Sometimes, the constant could change and the variables may go against you. If it fails, embrace the failure. Beating yourself up over it may just make things worse. It will be worth having a contingency plan when making a decision. Either way, you are covered and need not worry about serious repercussions.
“I always say, decisions I make, I live with them. There’s always ways you can correct them or ways you can do them better. At the end of the day, I live with them.”– LeBron James
