49. How to Make Decisions Better, Faster and More Confidently
Episode 49
The ability to make decisions quickly and competently is a skill, and like any skill, you can get better at it.
In this episode of the Learn and Work Smarter podcast, I share 5 tips for making decisions better, smarter and more confidently.
🎙️Other Episodes + Resources Mentioned
Harvard Business Review article about decision-making
Proceedings of the National Academy of Sciences article about making decisions
✅Enroll in SchoolHabits University (Curious? Check it out!)
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The following transcript was autogenerated and may contain some interesting and silly errors. But in the name of efficiency and productivity, I am choosing not to spend my time fixing them 😉
49 How to make decisions better, faster and more confidently===
[00:00:00] Welcome to the learn and work smarter podcast. This is episode 49, and I appreciate you whether this is your first episode or your 49th. Today, we are diving into a topic that affects all of us, and that is how to make decisions. Specifically how to make decisions better, faster and more confidently in work and in school.
So here's a mind blowing statistic for you. Various sources suggest that the average person makes around 35,000 decisions a day. Scientifically speaking, that is bananas. Okay. And while most of these decisions are minor, like what to wear, uh, maybe what to eat, every now and again, we have to make decisions that have a greater impact on our lives.
For students, this could be choosing which classes to take, or maybe what colleges to apply to. For professionals that could be deciding whether to accept a new job offer or move to a new city. Maybe just [00:01:00] lead a new project.
These decisions are big decisions and they require intention and care- and get this- skill. Yes, decision-making is a skill. And as you know, this podcast is all about skills. So, if you are the kind of person who, when faced with a decision, often feels stuck, paralyzed, not qualified to choose, terrified to choose, then you are in the right place.
Because today we are talking about practical strategies that you can use to make decisions efficiently and with confidence, regardless of whether you are in school or you are out in the working world.
[00:02:00] A quick internet search for how to make decisions yields overwhelming, honestly, really overwhelming and very impressive results from business center decision-making strategies in the Harvard Business Review, to more of the science or cognitive science approach behind decision-making.
There's an article it's in the Journal of Proceedings of the National Academy of sciences.
I am going to leave those all linked below. There is some fascinating frameworks and research about what goes into being a good decision-maker. Again, those are two really excellent resources that I will link in the description box if you're watching this on YouTube or in the show notes if you are listening on a podcast app.
Also all of the links I mentioned today are going to be in the show notes for or on the web [00:03:00] page. Oh, my God, I'm talking like I'm 90. They're going to be on the website that goes with this podcast, which is learnandworksmarter.com/podcast/49. All right. That's how all the podcasts websites are set up. Learnandworksmarter.com/podcast/ and then whatever episode number it is.
So this is 49.
And while resources like those are interesting, they're either really high level or they're super scientific. And that is great. And that's why I'm putting those resources out there for you. But my strategies here today are practical and they can be implemented right away. Also before we get into the strategies, I have a book recommendation for you.
It's a book called Yes or No the guide to better decisions. And it's by Spencer Johnson. It's a quick read, but honestly, it's very valuable. And it is relevant to what we're talking about here today.
Okay. So let's get to the tips. Tip number one for how to make better decisions is to make [00:04:00] decisions when you are emotionally neutral.
Big decisions often trigger big emotions. Otherwise we wouldn't stress over them. And there'd be no reason for this episode today. But here's the thing. Our best decisions often come when we're feeling emotionally steady. When our emotions are high, it is easy to make choices that we might later regret.
So whenever possible, the advice is that we should avoid making decisions at emotional peaks. So whether that's anger, excitement, nervousness, exhaustion. If we have the time and the luxury, I'm going to call it a luxury to "sleep on it," I'm using air quotes- we have all heard that advice, right- just sleep on it? That is actually really, really good advice.
And if time is limited and you have to choose or make a decision right now in the moment, even a short block can help clear our head and restore our emotional regulation before we have to make our decision.
If we are ever in a [00:05:00] situation where there is pressure to make a decision on the spot, so maybe like in a meeting when everyone turns to you and is like, so what do you think? I still argue that you can assert yourself and say something like, you know, give me a moment to think about that mountain. You come back to me in a, in a minute. And then the meeting proceeds as you think about your decision.
Not all decisions need to be made urgency urgently, and if you can buy yourself some time, not too much time cause of actually, we're going to get into tip number two in a second, which addresses that. Not too much time, but just enough time for you to feel like you are emotionally regulated, then you're going to make a better decision.
Tip number two, gather just enough information. No more. No less.
Here's where we can often get really tripped up- finding that just enough point with information. Making informed decisions does require a lot of research. Talking to knowledgeable people, checking [00:06:00] reliable resources, um, comparing our options.
We're going to talk a little bit more about that in the next tip, tip three, but once you've done that, we want to avoid the temptation to keep digging for ever. More research is not always better. In fact, going down every single rabbit hole we come across can actually be a form of procrastination. I see you procrast to planners.
Okay. When we have a solid enough- alright, and like emphasis on enough- when we have a solid enough understanding of the stakes and the consequences involved, we have got what we need and we have to choose.
We will never know all there is to know about a topic. Can we agree on that? But sometimes we need to act with the knowledge that we have and trust that we can handle it.
Because delaying a decision does not make the decision easier to make. All right, I'm going to say that again. Delaying a [00:07:00] decision until the right time until we have enough information does not make that decision easier to make.
All right. Tip three, do a risk assessment.
Now, let's talk about assessing risks because after all, if there weren't any real risks involved, the decision wouldn't be stressing us out and we would just make it and move on.
So there are many different ways to weigh the potential outcomes of a decision. I'm going to go through a couple of them here.
Okay. Number one the most basic we've all done this before I think: make a pros and cons list. This classic method works well for many types of decisions, particularly like minor ish decisions.
We list the benefits, we list the drawbacks and then we see which side outweighs the other. If you're making a pros and cons list, set a timer for seven minutes . And to see if you can dump all of the pros and cons that you have in your head. [00:08:00] Don't Google it. But the pros and cons that you have in your head. Often that's enough to make a decision from.
Another strategy is to think short-term versus long-term consequences. Often the hardest part about making good decisions is choosing an option that benefits us in the longterm even if it means giving up something we want right now.
Delaying gratification is so challenging because our brains are wired to seek immediate rewards. But the ability to delay gratification is also a sign of emotional maturity and a skill that sets high performers apart from the rest.
For example, if you are a student deciding whether to go to the same college as maybe like a friend or a partner, right, consider how this choice will impact both your academic life now and your future opportunities.
It may feel so great in the short term to go [00:09:00] to a college with someone who's familiar and someone that you want to spend time with, but think about whether that actually does serve your future goals.
If you are a professional considering a new position, and you've been offered, think about whether it aligns with your long-term career goals. Or is it more of a short-term gain?
Like a, a boosted ego, bragging rights, you know, I think giving right or a one-time bonus.
Another risk assessment strategy is to consider who else is impacted. We do not live in a vacuum. And while some decisions do affect only us, others can impact family, friends, colleagues.
The more people who are impacted the more carefully we need to weigh our options. So for example, if you are a student struggling to choose between, I don't know, maybe taking AP, English or honors English next year, you're really the only person affected and yes, you still matter, but the scope is smaller.
But an [00:10:00] example of a decision that maybe has a broader impact on others as if you're choosing between attending a state university for let's say 14,000 us dollars a year, or a private college for 83,000 us dollars a year, which is mind boggling. This is a decision that would have an impact on your parents as well.
So you have to think about it differently.
Let's talk professionals now. A professional deciding whether to take a course for personal development or professional development is mostly making a decision that just impacts them, right. Their choices to build their own skills are not going to significantly affect others.
And especially not in a negative way. It's only just going to help everybody involved. But a decision like taking on a major project or relocating for a job that would impact many people from family members who need to, you know, move to relocate with you, to colleagues who would need to adjust to new roles and responsibilities.
The impact is [00:11:00] broader. The broader the consequence that our decision has on other people, the more considerate and careful we need to be with making that decision.
And I do have one more framework that can help you do a risk assessment, but it is such a big strategy that it's actually going to be its own strategy. Its own tip tip five. So we'll, we'll get there and we'll come back to the frameworks.
But tip four is to don't stress decisions that are really just preferences. We all know what it's like to agonize over a decision that ultimately doesn't even matter.
It does not have major consequences. Some decisions are really just a matter of personal preference and aren't really true decisions in the sort of "pro con" way that other decisions with real consequences are. So, if you can't decide whether to write your essay on Chaucer or Kafka, because you loved them both equally. You are my people. Then [00:12:00] either decision is fine and good.
So you'd pick one and you would move on.
In the workplace this might look like spending too much time choosing between two formatting styles for a presentation or a report, like whether to use bullet points or number lists, or to go with one color theme or another. If both options present the information clearly and effectively than either choice is perfectly fine. In these cases, spending extra time to analyze over or agonize work either way. I could go in either direction with this, to analyze every minor detail and agonize over every minor detail does not add any significant value. It doesn't affect anybody else. And it's not even going to lead to anything bad if you pick the wrong choice, wrong choice in air quotes. But it can increase your anxiety around the choice. And it can feed our procrastination tendencies.
When we are making a decision between two equally good options, [00:13:00] pick one and move on.
Tip five. This is another framework for doing kind of risk assessment um, to make a decision and it's to consider using a decision tree for complex choices.
I'll explain this. When we are faced with a decision that has multiple options and uncertain outcomes, which many decisions do. There's uncertainty there. And that's why we stress about them. A decision tree can be a powerful tool or framework to help us visualize what could happen if we choose a, in what could happen if we choose B.
A decision tree is a visual diagram. It's kind of like a flow chart.
It helps us break down the possible choices and map out their potential consequences, making it easier to see the entire picture before we commit to a choice. You can draw this out on paper, you can do it on a whiteboard. I'm sure there's some visual digital tools [00:14:00] out there too. But here's the gist of how to make one.
Okay. And I'm going to use an example too.
The first step is to define the decision being made. Don't skip this step. Sometimes we get stuck on decisions and we don't even know what we're choosing between, or among. We're just like, ah, I have to figure out what to do. What to do about what? What is the decision and what are the options?
What are your possible choices?
So we start by clearly identifying the decision that we need to make. We write it down. This is essentially the starting point of our decision tree, of our flow chart. Okay. So if you're picturing, you can Google decision tree to see what this looks like, but if you're driving right now and you're not going to be Googling, Googling anything, picture like a flow chart.
So let's say that a student is deciding whether to take an AP level course or an honors course. That's where the decision tree will start. That's the decision.
Next, step two. We identify the possible [00:15:00] choices. We branch out from the root, the starting point of the decision tree by listing all of the possible options or alternatives or our choices that you can make. And each branch represents a different decision path.
Now, in our example, there's two options. Option one. Take the AP course option to take the regular course. Okay. If it were a more complex decision. There might be a third option. A fourth option.
Step three, consider the outcomes of each alternative.
So that means that for each option, we think about the possible outcomes or consequences if we choose one direction or another. These can be positive. They can be negative. It doesn't matter because that's the reality of it. And then we'd add branches for each outcome that could result from making that particular choice.
And remember this whole time, I want you picturing a flow chart.
So you make a choice and then there's like a line that leads in one direction and a line that needs to another direction. Right?
For example, if the student [00:16:00] takes the AP course, so like option a, there are a few different outcomes, maybe a higher GPA because AP courses tend to have, um, tend to have weighted grades.
Then there's an increase, uh, stress though, due to the workload.
And then there's potential college credit, or maybe college application boost, if the student scores well on the AP exam again. We would add branches for each outcome that could result from making that particular choice.
Now, if the student takes the regular course, option B there's potential outcomes there too.
Number one, there would be less stress, right? And a much more manageable workload.
Another one could be that there's no GPA boost since regular courses don't have weighted grades. And third, it would be less competitive on college applications, but also less pressure, right? So there's pros and cons. There's positive and negatives to making each choice. Again, a branch would go out from your float chart, where decision tree for [00:17:00] each of these options.
Step four of the decision tree is to consider the impact and the likelihood of each outcome. So now is the time to think about the payoff or value associated with each outcome.
What is the longterm potential impact of each outcome you visualized in step three? And what is the likelihood of that actually happening? Because when we're in the process and of the doing the last step and we're brainstorming, okay, like if I take the AP course, this could happen. This could happen. This could happen. We can sometimes run the risk of venturing into doomsday territory. I'm like, oh my God. And this could happen. This could happen.
Okay. Maybe. Like nobody can predict the future, but what is the likelihood of you taking an AP course and this incredible, amazing opportunity as a result of that, or you taking the AP course and something catastrophically irrepairable happening as a result of that.
Well, it's normal [00:18:00] to brainstorm these really extreme outcomes, positive or negative, I guess, but now we are assessing the likelihood of that actually happening. So this is where we like come back to reality a little bit. So for example, one outcome of taking the AP course was the potential for getting college credit.
Okay. If you do well on the AP exam, you could potentially earn college credit and that may help you save time and money in the future. But what is the likelihood of that actually happening? How likely are you to score a four or a five on the AP exam, which is, you know, What is required for colleges to recognize that AP credit do your potential colleges even accept AP credit?
These are the things that we think about for each of the outcomes that we brainstormed in step three for both option a and option [00:19:00] B. And each of these would all get their own branch. This is why I like to suggest doing this on a whiteboard because depending on how many um, options you have right now, we just have like option a and option B, but let's say you had ABCD.
And then you have a really creative mind. That's like, well, this could be the outcome and this can be outcome. Then you're, you're going to need a lot of space for this. All right.
And then the fifth step for making a decision tree is to evaluate and make your decision. So at the end of the day, the point of doing this decision tree is to be able to make a decision. It's not to delay the decision is to make an informed decision.
So let's choose, we use the tree following it along like a flow chart to evaluate the best possible path.
We look at the overall pros and cons of each option. We consider our priorities and our personal goals. This is really important. So hypothetically, if you were to take the AP course, You know, I probably should have said. I have many listeners who are not in the United States.
Um, AP courses means advanced [00:20:00] placement courses. And that is something that is offered in public and private high schools in the United States during high school, which is like, you know, ninth, 10th, 11th, and 12th grade- where students can take these courses, take an exam at the end of the course. They're advanced level, and some colleges and universities in the United States will recognize a high scoring grade- a four or a five- on these exams and will allow a student to use those aP courses if they score well on the exam to bypass entry level courses in college.
Okay. So just to explain, I should have started with that, I guess, but if you're focused on getting into a competitive college and you are ready for that challenge, then the AP course might be the better choice. Yes, it could lead to more pressure and stress, but the potential GPA boost and college credit could make it worth it. If that is your goal. So you have to be clear on what your goals are. [00:21:00]
But if you're not sure you can handle the workload and need more time for other activities, this might not be the right choice. Right. And you would follow that same logic with each of your potential outcomes for taking the AP course and each of your potential outcomes for taking the regular level course.
And when you're done with this, your decision should align with what you value the most. If academic rigor and future opportunities like college credit, or maybe a higher GPA are your priorities then the AP course might be the better choice despite the added stress. But if maintaining a balanced lifestyle with less pressure is more important to you right now in this season of your life, the regular course might be a better fit. Okay, I'll give you a personal example.
Kind of just thinking of this on the spot. Um, I do one on one private coaching for executive functions for students in sixth grade and I go all the way [00:22:00] up to adults. For the working workforce. And I have been asked so many times am I going to scale my business to hire more coaches. And currently I am the only one who does the coaching in my business.
I am scaling in other ways; I have SchoolHabits University. I have digital products. But I am choosing not to hire other coaches. And I could, I've explored this idea and I've thought about it. And I've, it's a decision that I made. It's not a decision I'm delaying. It's a decision that I making, according to my current values and goals in this season of my life. I value simplicity. I value peace.
I value freedom. And I am truthfully. I know I...so... I work a lot. I coach a lot. I am at my office until very [00:23:00] late at night with back to back coaching clients, whether we're on zoom or whether they're, you know, coming into my office, if they're local. And I know that hiring other people could offload some of the, um, one-to-one coaching, my hours. But, you know what that would add. Is, I would have to manage people. And I would have to put some of my time and energy into logistics and managing and training people and making sure that the caliber of coaching is up to my standard.
I don't want to do that. If I have two hours, I'd rather spend those two hours with a human being, looking them in the eye and helping them with what they need help with. Okay. I don't want to spend those two hours managing systems, people, processes. Okay. And I know there are two schools of thought to this, but that's my choice. And so if I valued um, Tons of money. Um, if I [00:24:00] valued, you know, like if I had different values… if I valued, I don't know, I can. I could, I could go off on this, but then I would hire coaches.
If I value just getting bigger as a company and stepping away from the one-to-one human interaction that I have for eight hours a day. Then I would choose to hire people, but I love the humans I work with, and I don't want to lose that. So that's, if I were to make a decision tree, like I would have many branches going in many directions, but I would arrive at the decision that aligns with my goals. Okay.
Why does this all matter?
Because small decisions that we make every single day build the foundation for the larger decisions that we're going to have to make in the future.
Making confident choices on a daily basis, trains us for the big decisions that life is going to throw at us. Yes. It's going to do that. The [00:25:00] bottom line, we gather a, just enough information to make a decision. We don't go down every rabbit hole. We brainstorm, but we don't obsess possibilities. We do a risk assessment or two
Whether that's just a simple pro and con list, or maybe that's a full-out decision tree. Then we make our decision when we are emotionally neutral and that might mean we take a walk. We sleep on it. We ask for five minutes and we think about it. And then we move on and we trust our choice.
My friends. Thank you for tuning in to the Learn and Work Smarter podcast. Remember decision-making is a skill. And like every other skill that exists, it gets easier the more we practice it. All of the links I mentioned are at learnandworksmarter.com/podcast/49. I will see you next time. And in the meantime, Never stop learning. [00:26:00]
