What decision making framework do you use for your company, work, and personal life?
Daniel Nguyen
12 replies
Through the years of running my own company, I’ve realized that the path we follow is made up of the decisions we make, and to determine the trajectory of our future, we must make sure that each decision we make is done in a way that leads us to that path. So we sit down as a team and discuss over where we want to see ourselves in the next 10, 20, 30 years, what are the values and principles that we believe in, and what success means to us. And we come up with our own decision making framework to help our team make decisions, big and small, easier.
I’m curious if you do something similar? I’m sure we all have some sort of guideline on how we make certain decisions, but I found that putting it down on paper and creating a framework is the best way we know to help guide us in the direction we want to see ourselves in future.
Thank you for sharing!
Replies
Sanjay Somashekar@sanjay_somashekar
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I go by the gut and what feels as the right decision at the moment!
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@sanjay_somashekar I feel this lots of the time! But making a gut shot usually go along with risks that I may know or may not know, do you have any framework to maybe somehow identify and consider what risk may be acceptable to take and whatnot?
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A couple of months back I stumbled upon a little-known Prioritization Method - RICE. I've started employing it in startup decision-making and found it to be super helpful! It's more of a guiding heuristic. Take your gut instinct/vibes and try to quantify it in some way. It works by scoring your tasks by their Reach, Impact, Confidence and Effort (R,I,C,E). Once you've done this you can start to measure how a single task weighs up in comparison to others.
Here's a nice article explaining it:
https://medium.com/swlh/use-bric...
Here's a free notion template I've been using it with:
https://www.prototion.com/notion...
And finally here's my startup if you're interested:
https://sharehouse.app
Let's go 🍚!
@sharehouse oh great! going to dive into this to see what this framework is all about!
We are also going to launch our Academy soon, it would be great to have your support if you like it!
https://www.producthunt.com/prod...
Depends on what situation it is. If it's a small decision, random :)
It's it's a large decision, I usually contact my friends and family first. Then I do research into alternative ways I can achieve the same goal with making my decision. I usually set deadlines as well to prevent procrastination.
@tai_nguyen_wz I think risk management is similar to getting someone else to proofread your writing: inherent biases make it hard to judge the risk objectively if you're doing it yourself.
So I would say get another pair of eyes on your decision. Maybe a family member or friend, or even a stranger with knowledge about the type of risk your taking.
@richard_gao2 Right!
The small decision usually only involves ourselves in the process. But large decisions usually will affect all the people who are close to us, so they do deserve to have a say in this, especially the companies' employees.
Usually, I will consider the risks being taken all the while looking for alternatives. Do you do the same? Do you have any kind of risk-management method/framework you can share?
@richard_gao2 Great advice! People who care about you tend to realize this risk better than we ourselves being stuck in the matter.
I also believe that building a good set of friends in the industries also helps a lot all the while talking about these risks professionally.
We have a vision and mission statement which are actually used to guide in our decision making process. While these two elements are usually just administrative mumbo-jumbo and are only written to fill in a checkbox, we use ours. It allows decisions at all levels to be on the same page when making the decision. If your M&V are written with this in mind, they will actually mean something and not just be a framed document on the wall.