The anchoring trap3/16/2023 ![]() ![]() We call these errors “ psychological traps.” They arise because our minds sometimes play serious tricks on us. In addition to that, there’s an entirely different category of errors that can undermine even the most carefully considered decisions. The PrOACT method solves the major mistakes in decision making. By sequencing your actions to fully exploit what you learn along the way, you will be doing your best, despite an uncertain world, to make smarter choices. The key to dealing effectively with linked decisions is to isolate and resolve near-term issues while gathering the information needed to resolve those that will arise later. Thus many important decisions are linked over time. What you decide today could influence your choices tomorrow, and your goals for tomorrow should influence your choice today. It will help you to choose an alternative with the right level of risk for you.Ĭonsider linked decisions. Conscious awareness of your willingness to accept risk will make your decision-making process smoother and more effective. When decisions involve uncertainties, the desired consequence may not be the one that actually results. But effective decision making demands that you confront uncertainty, judging the likelihood of different outcomes and assessing their possible impacts. What could happen in the future, and how likely is it that it will? Uncertainty makes choosing far more difficult. To do so, you need to set priorities by openly addressing the need for tradeoffs among competing objectives.Ĭlarify your uncertainties. Your task is to choose intelligently among the less-than-perfect possibilities. Different alternatives fulfill different constellations of objectives. In most complex decisions, there is no one perfect alternative. Some of this must sometimes be sacrificed in favor of some of that. ![]() ![]() Because objectives frequently conflict with one another, you’ll need to strike a balance. Assessing frankly the consequences of each alternative will help you identify those that best meet your objectives - all your objectives. How well do your alternatives satisfy your objectives? Alternatives beckon and beguile, but beyond them lie something sobering, sometimes exciting consequences. ![]() But have you considered all the alternatives or at least a wide range of creative and desirable ones? Remember: your decision can be no better than your best alternative. If you didn’t have different alternatives, you wouldn’t be facing a decision. Your alternatives represent the different courses of action you have to choose from. Thinking through your objectives will give direction to your decision making.Ĭreate imaginative alternatives. Ask yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal. Your decision should get you where you want to go. To choose well, you need to state your decision problems carefully, acknowledging their complexity and avoiding unwarranted assumptions and option-limiting prejudices. The way you frame your decision at the outset can make all the difference. The worst thing you can do is wait until a decision is forced to you - or made for you. The best approach to decision situations is a proactive one. Made consciously or unconsciously, with good or bad consequences, they represent the fundamental tool we use in facing the opportunities, the challenges, and the uncertainties of life. ![]()
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