We all want to make good decisions. Sound decisions generally improve our outcomes in life and at work. Information from recent studies can help us fine-tune this process, since there are some real pitfalls to navigate. Here’s a short list.
- Resulting – Former poker pro Annie Duke uses this term in her fantastic book, “Thinking In Bets,” to refer to the human tendency to blame a decision’s bad outcome instead of the soundness of its intention. For example, one football coach makes a decision in the final seconds of the Super Bowl to make a risky pass play, and loses the championship. A different year, another coach makes the same decision with the same constraints, and wins the Super Bowl. In both cases, the after the event, most armchair quarterbacks said the coach in each case got the result he deserved, even though the decision was the same. This backward-looking justification, “resulting,” only soothes what we cannot control: the luck involved. Lesson: make the best decision you can with the available information.