Decision Making Framework

Having made a ton of mistakes already in my short life, I started to look back to figure out what were some of the common themes.

One theme to my mistakes was making impulsive decisions … and usually the wrong one!

So, I have since put together a Decision Making Framework that I think could help you.

I use it mentally every time I have to make a key decision in my life.

It involves asking myself the following questions:

1. What are the pros and cons – list them out
2. What are the risks (worst case, probable cases, outliers)
3. What’s the worse thing that can happen?
4. What’s the best thing that can happen?
5. Can I live with either of those outcomes (the worst or best)?
6. What is the total cost of this decision (in time and money)?
7. Are there any (better/cheaper) alternatives?
8. Do I have to make a decision ‘now’?
9. WIIFM – what’s in it for them and what’s in it for me? What is their agenda?

When I need to document my decision criteria I use a formal decision-making matrix with weighted scoring.

My business partner and I put together a rather robust one as seen in the screenshot below:

You can access it here –> link to google spreadsheet and make a copy for yourself!