The 5 Steps required to make your right decisions

Every now and then, we make decisions. Some are just small decision with minimal future effect, while some are significant and will change the history.

While we are aware that make the right decision is important, all of us cannot escape from having numerous occasions of making decisions which we regret later.

Patrick McDaniel of WiseInsights.net has written a report called "The Scientifically Proven 5 Step Process To Making Better, More Successful Decisions" which you can freely download here.

Below is my summary of what I've learnt from McDaniel's report.

1. Be open minded to all possibilities and options

• If you have bias, your favoured choice could be a disaster.
• Listen carefully to your inner self, or your God's guidance.

2. Expand your choices

• Do not rely solely on single option, because that single option has 65% chance of likelihood leading to a bad decision.
• Instead of looking through binoculars and fixating on the single, apparent option before you, it is better to take a 360 degree, 3-dimensional panoramic view of the situation and your possibilities.
• Ways to increase your perceived options including:
• Talk to others
• Consider your opportunity costs
• Remove the current option and think about what other way you could have
• Mix and match possible options

3. Expose your bias

• Don't be fooled by your own confirmation bias by:
• Arguing the opposite with yourself
• Seek a contrarian
• Ask tough questions of your favoured option
• Run a test to dip your toe in the water

4. Escape your emotion

• Beware of your exposure effect (automatically and instinctively cling to the familiar).
• Your fear of loss can be irrational.
• You can be more rational by:
• Prospecting the future
• Defending your decision
• Counselling others

5. Prepare for the worst

• Beware of overconfident bias.
• Run a premortem.
• Set a tripwire, which could be time based or situation based.