Why probability-based decision making is so important but so hard (and how to do it better)
Is there such a thing as a right or wrong decision?
In the business world I would argue no. In fact, I think the way we think about decisions is often all wrong. Decisions are about probability of success, not right or wrong.
There’s only one problem. The human brain is really bad at assessing probabilities. We didn’t evolve with a probability gene. In fact, many of the biases that evolved to help us make decisions as hunter-gatherers work against us when we need to assess probabilities in the modern world. So what’s to be done?
Fortunately there are a few strategies from behavioral science and other disciplines we can use to significantly increase the chances our decisions will lead to success… (continue to full article on LinkedIn)