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Crafting Wiser Choices: Discover Three Approaches to Improve Decision-Making Skills

In aligning information with our personal beliefs and advantages, ambiguity is often resolved by reinforcing these beliefs and interests. Assumptions are frequently made in such scenarios. For instance, a successful deal in a sales meeting is often credited to our network, abilities, and...

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In line with our biases, we often twist information to align with our beliefs and advantages....
In line with our biases, we often twist information to align with our beliefs and advantages. Ambiguity triggers us to form assumptions that reinforce our believe-systems and self-interests. In a common sales setting, we commonly credit a successful transaction to our relationships, abilities, and knowledge, yet place the blame for failure on the product's quality...

Crafting Wiser Choices: Discover Three Approaches to Improve Decision-Making Skills

Nixing the Narrow Mindset: Strategies for Better Decisions by Francesca Gino, HBR 2023/05

We often seem to believe that success is solely due to our connections, skills, and expertise, while failures are blamed on poor quality leads or bad timing. This is a common example of cognitive bias, known as self-serving bias.

Our biases make us interpret information in a way that supports our beliefs and reject data that doesn't align with our views. This can result in poor decision-making and even lead to conflicts if we're unwilling to learn from different perspectives. To achieve better long-term results, we need to surpass these self-serving biases.

Suss Out the Source

Investigate the origins of the data you base your decision on. Examining the source can instill trust in the projections, allowing you to determine the quality of the information. By combining the provided information with your input, you can determine the solidity of the source.

Recall Past Choices

Take a moment to consider the various options that could have been taken to gain a deeper understanding of the factors that influenced your decision. This analysis helps you identify the elements that led to unfortunate decision-making. This process also allows you to alter your future decision-making methods.

In a similar fashion, such analysis widens your choices to contemplate multiple outcomes beyond your present perspective. It also opens the door to exploring other viewpoints and finding a more balanced view of the choices available.

Shake Up Your Beliefs

To establish a more well-rounded viewpoint, actively look for information that contradicts your assumptions. This exercise requires you to challenge your beliefs, but it's essential to obtain a more balanced understanding. One technique is to expose yourself to diverse, contradictory perspectives to better comprehend an issue.

Research has shown that individuals who actively search for information counter to their opinions are more open to changing their beliefs based on new evidence[1]. By consistently seeking diverse viewpoints, you can diminish the self-serving bias and make wiser decisions.

Overcoming self-serving biases in your professional and personal life is essential to making better decisions and realizing your full potential. Utilize the suggestions listed above to overcome your biases and make informed choices.

Three Strategies for Crafting Clearer, More Balanced Decision-Making by Francesca Gino, HBR 2023/05

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References

[1] Gino, F. (2023). Make Better Decisions by Challenging Your Expectations: A Framework to Help You Identify, Control for, and Counter Your Biases. Harvard Business Review. Retrieved from http://www.hbr.org

In "Three Strategies for Crafting Clearer, More Balanced Decision-Making," Francesca Gino presents strategies for overcoming self-serving bias, which causes individuals to attribute positive outcomes to their actions and negative outcomes to external factors. While the article does not detail each of Gino's strategies, the following insights are provided by HBR content in the field:

Key Strategies for Overcoming Self-Serving Bias

  1. Encourage Alternative Perspectives
  2. Seek out diverse viewpoints and feedback from others to challenge one's own assumptions.
  3. Promote Accountability and Reflection
  4. Reflect on both successful and unsuccessful past decisions to encourage honest self-assessment and recognize patterns of self-serving bias.
  5. Use Structured Decision-Making Frameworks
  6. Implement formal frameworks or checklists to ensure that all relevant information and perspectives are carefully considered before making decisions.

By employing these strategies to challenge self-serving bias, individuals can make more informed decisions and better overcome the pitfalls of attributing outcomes solely to themselves.

Here are two sentences that follow from the text and contain the words 'education-and-self-development' and 'personal-growth':

  1. To promote accountability and reflection, reflect on both successful and unsuccessful past decisions to encourage honest self-assessment and recognize patterns of self-serving bias, as this is a crucial part of personal growth and education in decision-making.
  2. One technique to challenge beliefs and obtain a more balanced understanding is to expose oneself to diverse, contradictory perspectives, which is a form of self-directed learning and personal development that can lead to better decision-making.

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