best decision making frameworks 🤔
"it is your decisions, and not your conditions, that determine your destiny." - tony robbins
method
✦ the power of frameworks ✦
there are moments when you may find yourself procrastinating when it comes to making decisions, whether they are big or small. this hesitation can end up costing you more than actually making a decision.
this is where frameworks play a significant role in overcoming the feeling of overwhelm associated with decision-making. applying some logic to your thought process makes this task less daunting and sets you on the path to taking action.
numerous decision-making frameworks are available, and while not all of them may suit your needs, through trial and error, you're likely to discover one that works for you—a framework that simplifies your decision-making process.
tips
✦ best decision making frameworks ✦
decision matrix analysis
the decision matrix analysis is the most complex framework among the three suggestions, but it offers a structured and systematic approach.
it is best applied when there are multiple options for a particular decision.
for instance, let's say you're in the market to buy a car, and you have three options to choose from.
the first step is to define your criteria, which could include price, colour, brand, and more.
secondly, assign a weight or a number to each criterion based on its importance.
next, you'll want to rate each of the cars based on your criteria, and finally, calculate the scores.
once that's done, you can select the best option based on the highest score.
scenario planning
scenario planning is a common framework used by organisations, and it can also benefit individuals.
this approach involves creating future scenarios and making decisions based on potential unfolding events, ultimately helping to reduce uncertainty.
for instance, let's say you have some disposable income that you want to invest. the first step is to identify uncertainties, such as economic climate and trends.
next, you can develop different scenarios, including various rates of return on investment based on historical data.
by following this process, you can analyse the potential impact of your investment choices and be in a better position to make an informed decision.
pros + cons
the classic pros and cons decision-making framework is often overlooked in the modern world of productivity.
however, it offers the simplest path to arriving at a decision compared to other methods.
it's a straightforward framework that can provide you with clarity in a short amount of time.
to implement it, use two columns: 'pros' and 'cons.' then, list the benefits of making a decision and the drawbacks.
this will bring you one step closer to making a logical decision.
question
✦ what is the most challenging decision you've had to make recently, and how did you approach it ✦
this exercise will help you assess whether there is a need for improvement and how you felt when facing challenging decisions - both of which can assist you in identifying the type of framework that suits you best.
thoughts from others
"the worst business decision you can make is no decision. the needs are not going to go away. waiting is what’s gotten us in the situation we’re in now." - john peace
"a real decision is measured by the fact that you’ve taken a new action. if there’s no action, you haven’t truly decided." - tony robbins
