There are many causes of wrong decisions. Here are my top ten reasons for the causes of wrong decisions. The exact opposite provides the opportunity for making the right decisions.
- Survivorship bias: This is about imitating other people’s successful decisions and overlooking decisions that have been unsuccessful. This can lead to a twisted reality.
- Lack of knowledge: This is about not knowing anything or knowing very little about a subject. Reaching out for a knowledgeable opinion is not considered.
- Prejudice towards people or factors: This is about a preconception that certain people or factors cannot provide the help, ideas, or expertise.
- Intolerance for reliable data or evidence: This is about closemindedness and refusal to apply reason or mindfulness. Reliable data is automatically placed lower on the ladder for consideration.
- Failure to act on known information: This is not about being prejudiced, but spitefulness in the face of substantive, known, and reliable information.
- Judgment of circumstances: This is about the lack of discernment or the absence of unusual clarity in seeing the ‘full picture.’ Scant information is used to make a decision.
- The select few mindset: This is about people thinking that they only may generate ideas and decide upon them.
- Low emotional intelligence: Emotion can lead to our worst decisions or our best ones. The difference is emotional intelligence.
- Critical thinking: Critical thinking is not self-regenerative. It rarely has natural attention because it remains hidden behind a myriad of problems. Yet, critical thinking can provide the answers to help problem solve and make informed decisions.
- The fear of loss is bigger than the desire for gain.
Marcus van Wyk