Learning Exchange: Making Fast Decisions
Learning Exchange: Making Fast Decisions
In the stressful atmosphere of the current economic downturn, it is more important than ever for business decisions be made quickly and accurately. But stress increases our anxieties, causing decision-making to slow down. How can we increase our decision-making speed?
One approach is to learn to trust your intuition. We often think our intuition is fuzzy or subjective, and in an atmosphere of anxiety we trust it even less. However, research by Harvard professor Gary Klein, detailed in his book The Power of Intuition, has shown that intuition can become a refined trusted tool for fast decision-making.
Klein notes that there are six kinds of knowledge, only two of which are explicit or conscious, while the other four are “tacit” or below consciousness. Tacit knowledge is based on past experience, and intuition is how we use this experience to find solutions to problems, leading to wonderful “aha” moments that make us think “I’ve seen that before!”
As we make our decision-making faster, we should be aware of the interplay between intuition (pattern recognition) and analytics (mental simulation). When faced with a decision, the first option that intuitively occurs to us is usually a workable solution based on past experience. Elaborating and improving this option requires the additional analysis of fully imagining the possible results and adjusting our ideas accordingly. This process, which is different from using logic to exhaustively weigh the pros and cons of various options, results in “satisficing” - selecting the first option that suffices to satisfy our needs – rather than achieving the optimal result,
People don’t just automatically develop good judgment skills, any more than someone who jogs a few miles a week can suddenly complete a marathon. Making the kinds of judgments that seasoned public relations experts make takes work. We have to build up an experience base over time that lets us accurately size up situations and know how to respond.
Klein has developed a model that depicts how to sharpen our intuition: the “Recognition Primed Decision Model.” You can use this model to build awareness of your own intuitive decision-making process.
Here is a breakdown of how the model works:
· The situation that needs your decision generates cues.
· These cues let you recognize patterns,which allow you to say, “I’ve seen this before.”
· Patterns tell you how to act or respond. What approach proved to be successful the last time you encountered this situation?
· Don’t ignore metrics – they can serve as guideposts. Recognize whether or not the numbers seem to support what your gut is telling you.
· Closely imagine what will happen when the plan is carried out by envisioning a scenario: “If I do X, I can expect Y and Z to happen.”
· Go ahead with your action decision – and always expect some uncertainty.
When you are using your intuition, be sure to safeguard it by giving clear directions to the people you’re working with. Carefully articulate the situation, the task, your intent and your concerns. Don’t be afraid to use metrics - they serve as good guideposts for intuition. Finally, learn how to coach others to use their intuitions in decision-making.
Best of luck to you in using your intuition to make faster decisions. Let me know of any questions you have.
SIDEBAR:
Gary Klein’s Ten Tips for Intuitive Decision Making
Ready to make better use of your intuition? Here’s how.
1. The first option you think of is likely to be the best.
2. Use analysis to illuminate your intuitions.
3. Put more energy into understanding the situation than in deliberating over what to do . . . Understanding is what prompts your intuition.
4. Don’t confuse desires with intuitions.
5. Check your intuitions against the facts.
6. Think ahead. Allow intuition to help clarify what the future may look like.
7. The absence of uncertainty should make you nervous.
8. Use the right decision-making strategy, like the RPD model described earlier.
9. Consult the experts.
10. Stay alert for intuition barriers.
To find out more about these tips, read Klein’s book The Power of Intuition.
