How To Take Decision Making First!

 First understand what decision to make. Many times, we make decisions without fully understanding the problem. In fact, I need to understand what decision I have to make.

A goal or objective must be set. Before making a decision, you need to decide what you want to achieve, such as what do I want to gain from this decision?

Emotions and facts must be separated. Emotions and facts mix together when making decisions.

Data collection example You want to buy a laptop, so you look at the price, processor, RAM, storage, etc.

Option must be created. Having only one option is often not a decision but a constraint. What are my options?

Short-term and long-term results need to be seen. For example, if you look at jobs, what is the growth like after 20 years, what is the job security like, what are the working hours like?

Calculate the risk What is the worst that can happen, what will I do if that happens, can I take this risk, is there a backup plan?

10-10-10 Rule:

 How will I feel after 10 minutes, what will be the impact of this decision after 10 months, how important will it be in my life after 10 years?

You can seek the opinion of others for important decisions. like teachers, senior, leader, mentor, parents.

Be careful of confirmation bias: example You want to start a business, so you just watch success stories of how someone is earning millions of rupees by doing business, but you are skipping how many people have lost, how much capital it requires.

70% Rule: It is not possible to obtain 100% information for many decisions. Decisions can be made when about 70% of the necessary information is clear and the risk is manageable.

A simple formula for making decisions is, Stop Think Choose Review.

         Stop-Don't rush.

         Think- Problem, information, risk

         Choose- The most suitable option

          Act- Implement the decision.

          Review- See the results and change the strategy if necessary.