Discussions of decisions and problem solving. Whilst aimed at business decisions, much of what is included in this series has a much broader application. Many of the techniques are as applicable to personal life decisions as they are to business decisions. This series of posts looks at the reversibility of decisions, the effect that decision timeliness has on outcomes, and the cost of procrastination. It discusses solving problems for the right answer, the fact that some problems can’t be solved, and looks at some strategies for solving certain kinds of problems.
Evaluating opportunities generally means determining if you should take an opportunity, or leave things as they are. Although there are really three categories of decision approaches, two are similar and straightforward, and one is really difficult.
People often justify procrastination as “waiting for something better to turn up”. When viewed through the lens of statistics and probability, this is a fraught strategy. A higher price may not be the best outcome, as we will see in this article.