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Understanding Decision-Making Styles and Sunk Costs
Manage episode 446483706 series 2970909
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In this episode, we explore the different ways people make decisions and the pros and cons of each style. Whether you make decisions quickly, seek input from others, prioritize harmony, or rely on detailed research, it’s essential to recognize your tendencies and how they affect your outcomes.
We also dive into the concept of the sunk cost fallacy—when investments of time, money, or effort keep us stuck in situations we should leave behind. Using examples from the business world, such as Jeff Bezos’s pivot from Amazon’s failed phone project to Alexa, we discuss how to let go and open up new opportunities.
Key takeaways:
1. The four decision-making styles: Quick Deciders, Socializers, People Pleasers, and Evidence Weighers.
2. How to avoid "analysis paralysis" by setting boundaries.
3. Understanding the sunk cost fallacy and its impact on personal and professional decisions.
4. Creative ways to explore new paths, like trial runs and decision criteria tools.
If you're struggling with a tough choice or want help navigating change, we’re here to support you! Tune in next time for a discussion on remote team management best practices.
Connect with Shawna:
- Website: shawnacorden.com
- https://www.youtube.com/@shawnacorden
- Email: podcast@shawnacorden.com
- Instagram: @playbookforperformance
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