How Do I Make Better Decisions?

One way to improve your decisions is to use the Stoic approach. Stoics make decisions by imagining the worst-case scenario and working backwards from there. For example, if you are a product manager, you might imagine the worst-case scenario and make your choice based on that. If the worst-case scenario does not happen, you can use this exercise to persuade them to release their product on time.

Learning from mistakes

Learn from your mistakes. Most mistakes don't come in one big blow, but instead come in the form of little decisions that lead to failure. Instead of blaming others, look at the situation objectively and think about how you might have handled the situation differently. Learn from your mistakes and improve. You'll be glad you took the time to make them. But be sure to keep these tips in mind before you start making your own.

Admit your mistakes. If you did something wrong, it's essential to own up to it and apologize to those affected. It takes courage to say "I'm sorry." People will remember your integrity and courage. Plus, they might even mention your mistake to someone else. In that case, they might do the same thing, and you can learn from it. This is an effective way to improve your decision-making skills and avoid making the same mistake again.

Using a decision matrix

Using a decision matrix to make better business decisions is one of the most effective ways to evaluate alternative options. A decision matrix lists different options on one axis and the benefits and disadvantages on the other. Then, a person can enter numbers, pluses, and minuses to rate each option. The decision maker can then compare the results of each option to make a more informed decision.

Using a decision matrix is especially useful for situations when there are multiple options and corresponding consequences. The decision matrix requires a person to weigh their options, list down the pros and cons of each option, and then calculate the result to find the best choice. The decision matrix can help people prioritize tasks, solve problems, and justify a decision. However, it is only effective when there are a lot of comparable variables and a logical perspective. This type of decision-making tool is most useful for business and professional situations.

When using a decision matrix to make better business decisions, one should decide upon the criteria for each option. The criteria could include price, time, neighborhood safety, and number of bedrooms. In other words, the decision-maker should write down every possible choice. Once the criteria are determined, they can then assign weights to each one. If the decision is difficult, the matrix will be more helpful than an expert's opinion.

When using a decision matrix, people should avoid making decisions based on their emotions. The decision matrix removes any element of subjectivity from the decision-making process. It is best used when the decision is based on logic, and weighted criteria. However, this method is not the only way to make better decisions. Other methods of decision-making include the use of a decision matrix.