decision journal 2.0 | Summary and Q&A

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August 4, 2023
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Vicky Zhao [BEEAMP]
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decision journal 2.0

TL;DR

Learning to improve our decision making is a valuable skill that can be honed through frameworks and keeping a decision journal.

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Key Insights

  • šŸ¤” Making good decisions depends on honing our judgment skills and learning from others through frameworks. This skill is difficult to develop due to the delayed feedback loop in decision-making.
  • šŸ’” Decision-making journals can help in evaluating our decision-making process. It consists of three parts: filling out the initial decision, reflecting on doubts and surprises during the process, and evaluating the outcome of the decision.
  • šŸ“ Keeping a decision journal helps in understanding our decision-making process and gaining self-awareness. It also allows us to analyze doubts, surprises, and learnings to improve future decision-making.
  • šŸ”Ž Decision journals provide a compass to guide decision-making by reminding us of the reasons behind our initial decision and helping us avoid regrets. ā° Shortening the feedback loop is crucial for decision-making. Reflecting on doubts and surprises during the decision process provides valuable information before the final outcome is known.
  • āœ”ļø Evaluating the outcome of a decision is essential to determine its success or failure. It helps in understanding whether the decision achieved the desired goals and provides insights for future decisions.
  • šŸ’Ŗ Consciously going through the decision-making process activates the brain's cognitive functions. Multitasking and reactive decision-making hinder thoughtful decision-making and hinder personal growth.
  • šŸš€ Taking risks and making use of the opportunities in a given environment can enhance personal growth and provide an edge in decision-making. It is important to actively seek new experiences and connections.

Transcript

one of the most overlooked skill and is probably arguably the number one most valuable skill that we have is how to hone our judgments to improve our decision making take Warren Buffett as an example he doesn't do much all day he's reading a lot he's learning a lot he's talking to people flying bridge and once in a while he makes that value investm... Read More

Questions & Answers

Q: How can learning from other people's knowledge improve our decision-making process?

Learning from other people's knowledge can provide us with valuable frameworks and insights that we can apply to our own decision making. By studying how others have approached and made good decisions, we can expand our own understanding and improve our decision-making process. This can help us make more informed and effective choices in our lives.

Q: What is the purpose of keeping a decision journal?

The purpose of keeping a decision journal is to document and reflect on our decision-making process. By recording the problem statement, decision made, and opportunity cost, we can gain clarity on why we made a particular decision and what we may be giving up by choosing that option. The journal also allows us to review and evaluate our decisions, identify doubts, surprises, and learnings, and make adjustments as needed.

Q: How can reflecting on doubts and surprises help in decision making?

Reflecting on doubts and surprises allows us to gain insight into our decision-making process. By identifying doubts and analyzing why they arise, we can assess whether we made the right decision and if any adjustments need to be made. Surprises and learnings can also provide valuable feedback and help refine our decision-making approach in the future.

Q: What are the benefits of shortening the feedback loop in decision making?

Shortening the feedback loop in decision making allows us to receive feedback on our decisions more quickly. This helps us gather data and insights that can inform our decision-making process. By receiving feedback in a timely manner, we can make adjustments and improvements as needed, leading to better decision outcomes.

Q: How can a decision journal help in avoiding regrets?

A decision journal can help in avoiding regrets by providing a clear record of our decision-making process and rationale. By revisiting our initial reasons for making a decision, we can remain focused on our goals and avoid getting swayed by external opinions or doubts. The journal serves as a reminder of what we wanted to achieve and what we wanted to avoid, helping us stay true to ourselves and our values.

Q: How can the use of mental models improve decision making?

The use of mental models can improve decision making by providing frameworks and structures for evaluating options and assessing potential outcomes. By applying mental models and considering different perspectives, we can make more comprehensive and informed decisions. Mental models help us think beyond immediate consequences and consider second-order thinking and the impact of our decisions on various aspects of our lives.

Q: What role does self-awareness play in decision making?

Self-awareness is crucial in decision making as it allows us to understand our values, strengths, and limitations. By being aware of our own biases, motivations, and desires, we can make decisions that align with who we truly are and what we truly want. Self-awareness helps us avoid making decisions based solely on external factors or the opinions of others. It allows us to make decisions that are authentic to ourselves and our own goals.

Summary & Key Takeaways

  • Decision making is a valuable skill that can greatly impact our lives and outcomes.

  • Frameworks and learning from others can help improve our decision making.

  • Keeping a decision journal can provide valuable insights and help us evaluate our decisions.

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