How to Make a Wise Decision!
Not all decisions are wise. Deciding on that dividend re-investment offer just before the global financial crisis. Setting up a business partnership expecting the whole to be greater than the sum of its parts. Believing lycra is slimming. We think we make wise decisions. But that's because we're good at post-facto rationalisation. The truth is we make far more foolish decisions than wise ones, we just don't see it at the time. So, how can you improve your odds of making the "right" decision next time? For the past 4 years my business colleague, Dr Barry Partridge and I have been researching that question. We received funding from the NSW Department of Innovation and Technology in conjunction with the University of Wollongong. And now we think we have an answer. It turns out that each of us has a preferred style of processing the available information prior to making a decision. This reflects our unconscious bias, and explains why we all believe w