On Making Smart Decision

This book is the HBR’s 10 must read on making smart decisions.

One of the key takeaway is the hidden traps that we may fall into making decision [Article]. These include anchoring trap, status-quo trap, sunk-cost trap, confirming evidence trap , framing trap and estimating and forecasting trap.  As I look through these traps, I guess I am more prone to confirming evidence trap and sunk-cost trap. Guess I really need to be more “open” and look for dis-conforming trap. As for sunk-cost trap,  I need to learn when to let go. Just because I put in lots of efforts, that does not mean that I need to hang on to it. When it is time to let go, just let go!

Another thing that strikes me is the near misses [Link].  These misses make make us fall into the trap of thinking everything is all right. Even a small deviation might mean something terrible in the long run. There is always a need to uncover the root cause and get to the bottom of any deviation. One has to be alert and must learn to ‘smell’ such near miss

In another article on “How (Un)ethical are you”,  one has to be more aware of our unconscious biases such as implicit prejudice, in-group favoritism and overclaiming credit. I think I am more prone to over-claiming credit biases as I always think that I work the hardest. Maybe time for me to rethink this biases.

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