"Top 10 ways to make better decisions" - NewScientist

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"Top 10 ways to make better decisions" - NewScientist af Mind Map: "Top 10 ways  to make better decisions"  - NewScientist

1. Don't fear the consequences

1.1. "loss aversion" - the belief that a loss will hurt more than a corresponding gain

1.2. Action point: Find someone who has made the same decision/choice and ask them how they felt.

2. Action Point: Go with your gut instinct

2.1. Decisions about trust, competence, aggressiveness and likeabilitiy are made within the first 100ms of seeing a new face.

2.2. You may make better choices if you don't consciously analyze the options

3. Consider your emotions

3.1. Emotions are integral to decision-making. Our emotional system is what allows us to evaluate options.

3.2. Action Point: All emotions affect our thinking and motivation, so it may be best to avoid making important decisions under their influence.

4. Play the devil's advocate

4.1. "Confirmation bias" is the process through which we delete information that does not support our point of view.

4.2. Action Point: Actively search for evidence that can prove you wrong.

5. Keep your eye on the ball

5.1. Random information in our environment has a large impact when making decisions with very limited data.

5.1.1. No Action Point

6. Don't cry over spilt milk

6.1. Sunk cost fallacy: the more you invest in something, the more you feel committed to it.

6.2. Action Point: Remind yourself that the past is that past and what is spent is spent.

7. Look at it another way

7.1. "Framing effect" is how alternatives are irrationally coloured by the way they are presented.

7.1.1. e.g. 90% fat free vs. 10% fat

7.2. Action Point: Look at your options from more than one angle.

8. Beware Social Pressure

8.1. Normal, well-adjusted people can be swayed by figures of authority and peers.

8.2. Action Point: If you suspect that you are making a choice because that is what your boss would want, think again.

8.3. Action Point: If you are a member of a group or committee and everyone is agreeing, play the contrarian to make a better choice.

9. Limit your options

9.1. "Maximizers" seek the best option by examining all the possible options.

9.2. "Satisficers" tend to choose the first option that meets their requirements.

9.3. e.g. College graduates who are maximizers end up with 20% higher starting salaries however were more depressed, frustrated and anxious.

9.4. Action Point: Ask someone for a recommendation and just go with it or just look at a few options.

10. Have someone else choose

10.1. People tend to be dissatisfied from having to choose among unpleasant options such as a bad smell.

10.2. When making a choice with little or no information, people tend to be less satisfied choosing themselves than those simply assigned a choice.

10.3. Action Point: If there is a trivial or distasteful decision, let someone else choose. You'll probably be happier.