How to Make Wiser Decisions!
Why do we have such a hard time making good choices? When it comes to making decisions, we're naturally biased to think that we are all good decision makers. Just as most people in hospital after a vehicle accident they caused still maintain they are good drivers. There's ample evidence that our brain's are flawed. And in business that costs money. But how can we do better? Researchers, Dan Lovallo, and Oliver Sibony, investigated 1,048 important business decisions over 5 years, tracking both the ways the decisions were made and the subsequent outcomes. They found that in making most of the decisions, the teams had conducted rigorous analysis. They also asked the teams about their decision process - the softer, less analytical side of the decision. Had the team explicitly discussed what was still uncertain about the decisions? Did they include perspectives that contradicted the senior executive's point of view? Did they elicit participation from a range of peopl