![]() ![]() Tough decisions require looking not only at an immediate gain from a particular choice but also its potential long-term benefits. Here are three of five suggestions to help you make tough decisions:Ī sure sign of immaturity is to make choices with only the present moment in mind. That’s the first step to making better, more thoughtful decisions. In many ways, they’re a good thing-a sign that you’re thinking about yourĬhoices instead of just going with the flow. Things like second-guessing yourself and feeling indecisive are just a part of the process. Making decisions will always be difficult because it takes time and energy to weigh your options. ![]() As in the jam example, many of us would sooner walk away empty-handed than deal with the stress of choosing from such a large selection. We have such a hard time comparing them that we’re less likely to choose anything at all. The reason for this is a phenomenon now known as choice overload.Ĭhoice overload can happen any time we feel overwhelmed by the sheer number of options. The larger display attracted more people, but they were six times less likely to actually buy a jar of jam (compared to those who visited the smaller display). One gave customers six different flavours to choose from the other gave them 24. Take this wellknown study about jam.Īt an upscale food market, researchers set up two displays offering free samples of jam. More and more studies show that stress can have an impact-both on the quality of our decisions and on our ability to make them. Cognitive biases aren’t the only things that can affect decision-making. If you’re not careful, the anchoring effect can weigh you down.Īnother significant bias that affects our decision making this is ‘Choice Overload’. There are also more objective things to consider, like how much the microwave is really worth, and whether you can find a better price elsewhere. That’s what makes the discount so appealing, but it shouldn’t be the deciding factor. Anchoring suggests that we rely too heavily on the first thing we hear (in this case, the initial price of the microwave). Sounds like a can’t-miss opportunity, right? Not necessarily. The microwave is now $2000, a full thousand dollars less. Next, imagine the sales representative offers you a discount. To understand how anchoring works, imagine you’re shopping for a microwave the one you like is priced at $3000. ![]() Without realising it, we can become overly resistant to change.Īnother bias which affects our decision making ability is called ‘Anchoring Bias’. We see the alternative as a risk or just not worth the trouble, even if it might be better. That’s our tendency to stick with what we know, instead of choosing something new and different. Here’s a simple example: Have you ever avoided switching Internet providers, even though you were unhappy with your current service? Something called status quo bias might be to blame. That’s our tendency to think a certain way without even realising it. Many missteps in decision-making can be chalked up to cognitive bias. Most of us are able to comfortably make decisions but there are times we may become stuck based on the implications of that decision the available information for or against that decision the support system in place to buffer the effects of your decision and our tendency towards self doubt. These decisions can be life-altering such as deciding to have a surgery, or totally trivial as deciding to wear a pink dress versus a white dress. IT IS A normal part of life to make decisions on a daily basis.
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