What is tradeoff economics? Economics is all about tradeoffs. For every choice, there is an opportunity cost. On a personal level, we make thousands of decisions every day. At the supermarket, we choose which groceries to buy. Choices are based on constraints such as money or values such as health habits. In big decisions such […]
Tag: decision making process
Whenever you make a decision, think of the consequences Decisions are not islands in the ocean; they are like the dominoes tiles competitions. Every decision has consequences. Decisions are either small or big In making small decisions such as buying clothes or what to eat for lunch, you should not allocate a lot of time […]
Exploring alternatives is the first step in the exploring stage of the decision-making process. Here are seven pitfalls to avoid while exploring your decision choices. Seven common mistakes done while exploring decision options 1. Anchoring Watch out for anchoring. One of the most common traps in decision-making is to anchor on a single alternative (often […]
Exploring alternatives in decision-making is essential while making any decision. The decision-making process has three stages identifying, exploring, and executing. Exploring The exploring stage has three steps. Exploring alternatives Thinking consequences Evaluating tradeoffs In this article, I will discuss the first step. Exploring alternatives in decision-making This is the most important step in the exploring stage […]
Identifying, exploring, and executing are the three stages of the decision-making process. Identifying The identifying stage has four steps: Identify the decision problem Reflect on principles and values Identify your goals and objectives Exclude choice outliers 1. Identify the decision problem A good decision-making process starts with identifying the decision problem. For example, imagine you […]