The Neglected Art of Decision Making: A Guide to Making Better Choices.

I recently started a Mini MBA in Marketing. It’s the one that Mark Ritson runs in conjunction with Marketing Week and so far, so very good. And profane. Which is also good. 

What’s struck me most as we reach the half way point are the large number of decisions that you have to make as a marketer. The course is a 12 week theory version of what would usually take 18 months in practice. So, it’s hardly surprising that crucial decisions come thick and fast. However, it’s made me ruminate on decision making in general. And how we tend to ignore it. 

Like marketing, life is a series of decisions and choices. From the moment we wake up, we make choices that shape the course of our day, our relationships, and our future. Making the right choices compounds and makes your life better. Making the wrong choices compounds in the opposite direction. And yet, decision making isn't taught in school or the workplace. Why is something so intrinsic to leading a meaningful life such a neglected area?

As humans, we are wired to make decisions based on a range of factors, from emotions to logic. In the Mini MBA we’re instructed to trust our intuition one moment, and to rely on the data the next. So, to help me make better decisions and have better outcomes, I had a look at a bunch of information on decision-making matrices, thought experiments, mental models, and rubrics that one can use in both your personal and professional life. Maybe they’ll be useful for you too. Enjoy.

• The Pros and Cons Matrix

The pros and cons matrix is a simple but effective tool for weighing up the benefits and drawbacks of a decision. For example, let's say you're thinking about taking a new job. Write down the pros and cons of the job, such as salary, commute, benefits, etc. By comparing the two lists, you can get a better understanding of whether the job is worth taking or not.

At work: Use the pros and cons matrix to help you make decisions about business strategies, product launches, and hiring.

Here’s a handy template from the geniuses at Spreadsheet that you can edit to make work for you. I just used to help me choose a new kitchen faucet. Really.

• The 10-10-10 Rule

The 10-10-10 rule is a thought experiment that encourages you to consider the consequences of your decision in the short, medium, and long term. For example, if you're thinking about quitting your job, ask yourself how you'll feel in 10 minutes, 10 months, and 10 years from now. This helps you to think beyond the immediate benefits or drawbacks of a decision.

At work: Use the 10-10-10 rule to assess the impact of a new project or initiative on your business in the short, medium, and long term.

The 10- 10- 10 Rule was created by Suzy Welch and she told Oprah why she came up with it and how she uses it. Have a read here.

• The Eisenhower Matrix

The Eisenhower matrix is a popular tool for prioritizing tasks. You’ve seen it before. It’s the classic 2x2 grid beloved of MBA grads the world over. It involves categorizing tasks into four quadrants based on their urgency and importance. For example, tasks that are urgent and important should be done first, while tasks that are neither urgent nor important can be delegated or ignored.

At work: Use the Eisenhower matrix to prioritize your to-do list, delegate tasks to your team, and manage your workload.

If it’s good enough for a US President, it’ll probably be good enough for you to. Here’s the mother and father of all explanations and examples of it.

• The Six Thinking Hats

The six thinking hats is a mental model that encourages you to approach a decision from six different perspectives, each represented by a different colored hat. For example, the white hat represents facts and data, while the yellow hat represents optimism and positivity. By considering each perspective, you can make a more informed and well-rounded decision.

At work: Use the six thinking hats to brainstorm new ideas, evaluate business opportunities, and solve problems.

I use to use the 6 hats methodology when running workshops. We had a big prop box filled with the six different colored hats. It’s a fun group activity but the discipline works well if you use it on your own too. Here’s what all those different colors hats represent. Edward De Bono came up with this mental model.

• The Fishbone Diagram

The fishbone diagram is a visual tool for identifying the root cause of a problem. It involves drawing a diagram that looks like a fishbone, with the problem at the head and the causes branching out like bones. By identifying the root cause of a problem, you can develop more effective solutions.

At work: Use the fishbone diagram to identify the root cause of production issues, customer complaints, and other business problems.

It’s also sometimes called the root-cause diagram. It was invented by Karoru Ishikawa. Here’s a great resource to get you started with it.

• The Pareto Principle

The Pareto principle, also known as the 80/20 rule, states that 80% of the effects come from 20% of the causes. For example, 80% of your sales may come from 20% of your customers. By focusing on the 20% that generates the most impact, you can achieve better results with less effort.

At work: Use the Pareto principle to identify the most profitable products, customers, and marketing channels.

Go deeper with Vilfredo Pareto here.

• The Decision Tree

The decision tree is a tool for mapping out the possible outcomes of a decision. It involves drawing a tree-like structure with each branch representing a possible outcome. By considering the possible outcomes, you can make a more informed decision.

At work: Use the decision tree to evaluate the potential risks and benefits of a new project or initiative.

Canva has a very cool decision tree tool that you can play around with.

• The Devil's Advocate

The devil's advocate is a mental model that encourages you to consider the opposite perspective. For example, if you're in favor of launching a new product, play devil's advocate and consider the drawbacks and risks. By considering both sides, you can make a more informed decision.

At work: Use the devil's advocate to challenge assumptions, evaluate risks, and consider alternative perspectives.

Devil’s Advocate is like the black hat in De Bono’s Six Hats. Be careful not to allow too many negative thoughts enter process. Here’s some great tips from Inc Magazine on how to use this mental model effectively.

• The SWOT Analysis

The SWOT analysis is a tool for evaluating the strengths, weaknesses, opportunities, and threats of a decision. For example, if you're considering starting a new business, you would evaluate the strengths and weaknesses of the market, as well

It’s an oldie but goodie and the marvelous folks at Canva have a myriad of templates to help this process work.

• The Five Why’s 

Simply ask why five times and you’ll get a deeper more nuanced and valuable answer. This technique can trigger parents of young children, but it gets the root of an issue very quickly.

The team at Mindtools has a great write up on how to use it.