Decision Making The G.O.R. Approach (2 of 4) First, clarify your It is critical to know Articulate your goals (G)oals. precisely what you seek clearly and specifically to gain before evaluating before moving on. alternatives. 45 readysetpresent.com
Decision Making The G.O.R. Approach (3 of 4) Second, explore all of Work diligently to the (O)ptions. discover every possibility before weighing some of them against each other. 46 readysetpresent.com
Decision Making The G.O.R. Approach (4 of 4) Third, (R)ank these An itemized pros and cons options according to list for each available their risks and rewards. option will make some choices stand out as much better overall. 46 readysetpresent.com
COMMON PITFALLS
Decision Making Common Pitfalls (1 of 8) It is easy to forget that you have a right to be wrong every once and a while. It is only by accepting this fact and committing to calculated risks that you can move forward. 49
Decision Making Common Pitfalls (2 of 8) Be confident in your ability to handle future bumps in the road. Do not lose sight of the fact that you made the decision, so you are well-informed about its potential positive and negative outcomes. 50
Decision Making Common Pitfalls (3 of 8) Make sure that a change of course is necessary before devoting a lot of time and energy to tossing around ideas. Poor performance does not always get fixed by returning to the drawing board. 51
Decision Making Common Pitfalls (4 of 8) Do not delve into one particular option before seeking out all of the possibilities. It is likely to bias your view of these latter alternatives and skew your reasoning process. 52
Decision Making Common Pitfalls (5 of 8) Do not allow yourself to fixate on the possible positive outcomes when considering the alternatives. It may quicken your decision making process, although a high upside may be paired with a high (and more likely) negative outcome. 53
Decision Making Common Pitfalls (6 of 8) Do not allow yourself to fixate on the possible negative outcomes when considering the alternatives. It may also speed up your decision making process, however, it will actively discourage risk-taking – even when it is needed. 54
Decision Making Common Pitfalls (7 of 8) Do not trouble yourself with decisions that can be made at a lower level. If these decisions cross your desk frequently, establish systems that empower others to make these minor decisions instead. 55
Decision Making Common Pitfalls (8 of 8) Whenever you make a decision that involves others on a regular basis, do not forget to account for how it will affect them. If it may negatively affect trust, motivation, or communication, prepare accordingly. 56
BROADER IMPLICATIONS
Decision Making Broader Implications (1 of 2) Bear in mind that any decision you make regarding other employees has the power to negatively affect their performance by weakening their trust or buy-in. 58
Decision Making Broader Implications (2 of 2) Sometimes the implementation of a new strategy is more costly than its planning period. When making a decision, be wary of how difficult each alternative will be to implement. 59
EFFECTIVE STRATEGIES
Decision Making Effective Strategies (1 of 4) If time permits, review Allowing this data to sift the information and through your mind will then distance yourself sharpen your analytic from it before acting. skills for the problem. 61 readysetpresent.com
Decision Making Effective Strategies (2 of 4) Do not drag your heels In fast-paced business, on new projects inaction is more because a previous dangerous than decision turned out to temporarily misplaced be a bad choice. efforts. 62 readysetpresent.com
Decision Making Effective Strategies (3 of 4) Group brainstorming Relay your thoughts to can often help expand trusted peers, and listen your understanding of attentively to their the issues. ideas. 63 readysetpresent.com
Decision Making Effective Strategies (4 of 4) If two alternatives are Set up a random Before following equally matched, and method of deciding (e.g. through, see which you cannot make a hands behind back, outcome you prefer. choice, trust your shuffled papers, Act on that one. instincts. coin flip). 64 readysetpresent.com
MAJOR TRAPS
Decision Making 8 Major Traps (1 of 2) 1 2 3 4 Anchoring Status Quo Fear of Failure Searching for Support 66 readysetpresent.com
Decision Making 8 Major Traps (2 of 2) 5 6 7 8 Narrowly Framing Overestimation Underestimation Dramatic Events 67 readysetpresent.com
ANCHORING
Decision Making Anchoring (1 of 4) Initial information receives As a result, subsequent This can have disproportionate attention data may be skewed by considerable, and often from the human mind. the first received bundle. unnoticed, consequences. 69 readysetpresent.com
Decision Making Anchoring (2 of 4) Likewise, events in the Continually reassess past or memorable your assumptions business trends can about the future distort our thinking in because it may not play ways that we are not out like past events. necessarily conscious of. 70 readysetpresent.com
Decision Making Anchoring (3 of 4) You may also be casting Think carefully about judgments based on how people are your view of the person perceived or grouped in or people presenting your mind. the options. 71 readysetpresent.com
Decision Making Anchoring (4 of 4) All of these anchors can There are several tools prevent you from paying to minimize the impact enough attention to the of anchors, however. available facts by giving too much weight to your assumptions. 72 readysetpresent.com
MINIMIZING ANCHORING
Decision Making Minimizing Anchoring (1 of 4) Remain open-minded. Remember, being open- Actively request and listen minded does not to new and diverse obligate you to accept opinions on the matter. other views, just to honestly and carefully consider them. 74 readysetpresent.com
Decision Making Minimizing Anchoring (2 of 4) Do no insert your opinion Although it is tempting into a discussion of to present your findings relevant facts. to others in the hopes of speeding up a decision, this will bias their thinking and reduce their ability to offer a fresh perspective. 75 readysetpresent.com
Decision Making Minimizing Anchoring (3 of 4) By becoming loud, excited, Tread cautiously in a group or verbose about the discussion, and wait for available alternatives before others to evaluate the others have thought about available data. it, your view can become an anchor for others. 76 readysetpresent.com
Decision Making Minimizing Anchoring (4 of 4) Try to analyze the forces, The more aware you are of events, and people that are the sources of assumptions, shaping your decision the easier it will be to making process. combat them with logical, organized thinking. 77 readysetpresent.com
STATUS QUO
Decision Making Status Quo (1 of 4) Humans often have an While the familiar course irrational preference for of action is sometimes the familiar options and an right one, this must be aversion to radical determined by a rational alternatives. analysis rather than a fear that is wired into us. 79 readysetpresent.com
Decision Making Status Quo (2 of 4) Many companies are In a rapidly changing structured so that inaction modern business is penalized less harshly environment, these systems than incorrect action. discourage the creative and risky thinking than can occasionally create innovative solutions. 80 readysetpresent.com
Decision Making Status Quo (3 of 4) To avoid succumbing to a Feelings of anxiety or a fear of change, proceed wish to hurry through this slowly when weighing the process will hinder any alternatives. serious attempt to explore new possibilities. 81 readysetpresent.com
Decision Making Status Quo (4 of 4) It is easy to think of the Do not slip into this Remember that past previous decision as the mindset. actions stemmed from “norm.” decision making processes, so every current practice has at one point been challenged. 82 readysetpresent.com
COMBATING STATUS QUO
Decision Making Combating Status Quo (1 of 2) Question whether the Ridding yourself of the previous decision was the notion that past actions right one to make at the were somehow special time. ( e.g. the “norm”), and not part of a decision making process, helps weaken the grip of Status Quo thinking. ? 84 readysetpresent.com
Decision Making Combating Status Quo (2 of 2) It is often assumed that This is not always true, and changing course comes is a Status Quo assumption, with a heavier financial and so treat it as such. emotional impact than sticking to the current strategy. 85 readysetpresent.com
FEAR OR FAILURE
Decision Making Fear of Failure (1 of 2) Make sure that you are not When failure is the primary This hurts brainstorming, expecting others to always concern, people will be which is often a catalyst in decision making. do things correctly. hesitant to think creatively. 87 readysetpresent.com
Decision Making Fear of Failure (2 of 2) Let others know that an This will allow people to incorrect answer will have brainstorm boldly, and no ramifications, so that your company will benefit. their thoughts are unrestricted by fear of failure. 88 readysetpresent.com
SEARCHING FOR SUPPORT
Decision Making Searching for Support (1 of 5) Sometimes we actively This can be crippling in search for information that decision making because leads us to our preferred it essentially makes all conclusion. further data gathering worthless. 90 readysetpresent.com
Decision Making Searching for Support (2 of 5) Do not devote more time to the research avenues (i.e. particular magazines, websites, etc.) that lend credence to your preferred outcome than to those that provide evidence for its alternatives. 91 readysetpresent.com
Decision Making Searching for Support (3 of 5) In the business world, the Also, do not place too tendency to more much emphasis on the thoroughly research your strengths of the current preference makes business practice. initiating a new strategy very difficult. 92 readysetpresent.com
Decision Making Searching for Support (4 of 5) Seek out evidence for each alternative until you cannot find any more, not until one option appears to be well-supported. 93 readysetpresent.com
Decision Making Searching for Support (5 of 5) Be wary of the words you Make sure your questions Restrict your responses to use to ask for other are not leading them to a inquiries about their people’s opinions. predetermined answer. thought process, rather than judgments about their conclusions. 94 readysetpresent.com
NARROWLY FRAMING
Decision Making Narrowly Framing (1 of 3) Approach the questions Consciously leave your around your decision questions open in nature making process just like so that you are not forced your research into the into a limited range of possible solutions. possibilities. 96 readysetpresent.com
Decision Making Narrowly Framing (2 of 3) In other words, do Instead, in general, not ask yourself , “ Is X open questions that do the best alternative not direct your attention available?” at the outset towards one particular because any later analysis end. will be slanted by this original “frame” of mind. 97 readysetpresent.com
Decision Making Narrowly Framing (3 of 3) If someone else Ask, “What are the establishes a limited available alternatives?” for frame for the decision example because this leaves making process, make an your thinking open to effort to break free of objectively explore. that before making any further inquiries. 98 readysetpresent.com
UNDERESTIMATING
Decision Making Underestimating (1 of 5) We make predictions and measurements about things all the time, whether it is the distance of our commute, the duration of a meeting, or the arrival of a product shipment. 100 readysetpresent.com
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