“It’s not rocket science!” people often say. Well, sometimes, projects can be so complex, making the right decision does feel akin to rocket science. Who better to turn to than one of the biggest space agencies in the world to learn how to manage risk? There are few organisations working on projects as complex as …
“The eye sees only what the mind is prepared to comprehend.” — Robertson Davies. A person who thinks women are bad drivers is more likely to notice driving mistakes made by women. A detective who is convinced a suspect is guilty is more likely to pay attention to evidence corroborating their intuition. And, while someone …
Read moreConfirmation bias: believing what you see, seeing what you believe
Scenario 1 – Joe and Jane decided to play a game in which they toss a coin a few times. Every time a head came up, Joe had to give Jane $10 and every time a tail came up, Jane had to give Joe $10. They could toss the coin any number of times they …
Read moreCognitive biases in entrepreneurship: a research report
When faced with two equally credible theories, wisdom seems to indicate you should go for the simplest one. Simpler solutions are easier to verify; they’re easier to execute. But, while mental models are a great way to make sense of the world, not all of them should be followed blindly. In fact, some should be …
Read moreThe Occam’s razor fallacy: the simplest solution is not always the correct one
In many cultures, freedom and autonomy are considered critical to our well-being. Having the ability to do what we want, when we want, and to explore our options seem like healthy attitudes. This is why supermarkets are filled with so many variations of similar products. We think that the more choices we have, the better …
From product launches to project management, I’m obsessed with checklists. And I’m not the only one. From the World Health Organization’s surgical safety checklist to flight checklists and more mundane event production checklists, checklists are everywhere. We use them to run businesses, perform complex surgery, and do our groceries. Systemic complexity means that we cannot …
Very few decision-making frameworks are as simple and powerful as the Eisenhower matrix. Dwight Eisenhower was the 34th President of the United States and had an incredibly productive life. Amongst many accomplishments, he served as the Supreme Commander of the Allied Forces in Europe during World War II, launched programmes such as DARPA and NASA, …
Have you ever tried to fix a problem, only to make things worse? That’s called the Cobra Effect—when an attempted solution results in unintended consequences. Because most of our cause-to-effect experiences involve very simple, direct relationships, we tend to think in terms of linear chain of events. But the world is much more complex than …
Read moreThe Cobra Effect: how linear thinking leads to unintended consequences
It’s easy to get carried away when making a decision. We look at the current situation and extrapolate what we consider to be the most likely future outcome. What we often fail to consider, though, are the complex ramifications of the decisions we make. For example, you’re feeling hungry. The fast and easy decision would …
Read moreHow to make better decisions with second-level thinking
FOMO, or fear of missing out, is a term that has become common in everyday language and has permeated most corners of our popular culture. I wrote a long article about the phenomenon and its alternative, JOMO—the joy of missing out. But the author who coined the term FOMO, Patrick J. McGinnis, recently warned people …
Read moreThe affliction of abundance: FOBO or the fear of a better option