8 Decision-Making Insights from a Nobel Prize Winner

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A picture of Nobel Prize winner Daniel Kahneman. He is an expert in decision-making.

If you are a decision maker, or aspire to have such a responsibility in your career, this post is for you.

Daniel Kahneman is a winner of a Nobel Prize. He is the author of, Thinking, Fast and Slow, the book where many of these ideas are shared. You can actually read the book for free in PDF here. Much of what dictates today’s decision-making strategies are born out of the ideas of Kahneman himself. If I had to pick one human being in this world to listen to on matters concerning decision-making strategy, Daniel Kahneman is that individual. He has dedicated his life to this and it shows.

So, let’s get into it and supercharge your decision-making abilities!

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Gut Decisions – Trust or Bust?

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The gut decision divides decision makers everywhere. Some decision makers swear that their gut can do them no wrong and that pouring over data sets and applying decision models is busy work. Others demand a more rigorous approach to decision making and dismiss gut decisions as a viable strategy altogether.

Who’s right?

Well, it depends. Sometimes, making a quick decision based on your gut is the best approach. Other times, you put yourself at risk by failing to collect and analyze relevant data before making a final decision. So, let’s take a closer look at when you should and shouldn’t trust your gut decision. Continue reading →