From the course: Nano Tips to Think Faster and Make Better Decisions with Shadé Zahrai
Applying critical thinking to decision-making
From the course: Nano Tips to Think Faster and Make Better Decisions with Shadé Zahrai
Applying critical thinking to decision-making
- Have you ever found yourself suddenly fearful of flying after recent news of a plane crash, or avoiding a certain type of food after it made a friend sick? This is called the availability heuristic, a mental shortcut where we overestimate the likelihood of events that are fresh in our memory, and this can lead us to making inaccurate judgments and decisions. If a recent project didn't go as planned, you might overestimate the likelihood of similar negative outcomes in future. So if you catch yourself making hasty decisions that seem unusual, it's possible that you're influenced by this availability heuristic. In which case, I'd advise that you use critical thinking and ask yourself what information am I relying on to make this decision? Is it rational? Then use data to supplement your memory. Let's say you're trying to decide whether to invest in a particular stock. Rather than relying solely on bullish headlines, look at the company's financial statements, their price to earnings and their performance.
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