Dr Melina Moleskis, a decision-making expert, discusses the importance of decision science and behavioral science in making better decisions. Topics include the need for decision-making education, recognizing behavioral factors, AI's role in decision-making, judging decisions by process not outcome, learning from failure, and practicing decision-making skills.
Behavioral science enhances decision-making tools and strategies.
Decisions should align with values and rational consequences, not just be rational.
Documenting decisions realistically leads to better outcomes.
Creating a culture that values learning from mistakes fosters growth and innovation.
Deep dives
Importance of Understanding Decision Making
Understanding the intricacies of decision-making is crucial, as revealed in the podcast episode. Dr. Melina Moleskis, an expert in combining behavioral science and decision science, sheds light on the complexities involved. Decision-making is not always a logical process, with behavioral dynamics playing a significant role. The discussion explores the need to learn from failures, the influence of artificial intelligence on decisions, and the importance of practicing decision-making to enhance one's abilities.
Merging Behavioral Science and Decision Science
The significance of integrating behavioral science into decision science is highlighted in the podcast. The amalgamation of these fields amplifies decision-making tools and strategies, emphasizing the behavioral aspects inherent in all individuals. By incorporating behavioral science into decision-making processes, individuals can improve their decision quality, enhance critical thinking strategies, and facilitate behavioral changes for better outcomes.
Rationality in Decision-Making
The discussion challenges the common perception that decisions should always be rational. While acknowledging human tendencies to make irrational choices, the focus is on aligning decisions with values and rational consequences. Rationality in decision-making involves weighing actions, aligning them with values, and considering long-term consequences. The importance of self-awareness, humility, and acceptance of differing opinions in decision-making processes is also emphasized.
Practicing Decision-Making and Process Improvement
The podcast advocates for practicing decision-making across various scenarios to enhance skills and prepare for uncertainties. Emphasizing the importance of documenting decision-making processes, it promotes transparency and accountability. Creating environments that support learning from mistakes and value process improvements contributes to better decision-making outcomes. The narrative explores how decisions are perceived and the role of continuous learning and adaptation in decision-making environments.
Cultivating an Environment for Mistake-Tolerant Decision-Making
The scarcity of mistake-tolerant environments is highlighted, emphasizing the significance of fostering cultures that support learning from errors. Companies like Amazon exemplify environments where mistakes are embraced as part of growth and innovation. Cultivating a culture that values process improvements and permits experimentation contributes to long-term success. Seeking examples beyond traditional views of success can provide valuable insights into decision-making dynamics and strategies.
Challenging Traditional Decision-Making Paradigms
The podcast encourages a shift away from traditional decision-making paradigms rooted in fear of failure. Embracing a mindset that values learning from mistakes and experimenting with different approaches is crucial for fostering growth and innovation. Illustrative examples, such as Amazon's culture of experimentation and adaptation, highlight the benefits of creating environments that support mistake tolerance and continuous learning. By challenging conventional views on success and failure, individuals and organizations can cultivate resilience and adaptability in decision-making processes.
Embracing Failure and Creating a Failure Culture
Companies like Amazon and Google celebrate failures by integrating a culture that allows for small screw-ups and sets clear kill criteria for projects. Jennifer Lerner's example of biotechnology firms holding failure parties after recognizing project shortcomings highlights the importance of early acknowledgment of failure. Implementing strategies like 'mistake of the month' at British Airways can help foster a culture where mistakes are openly discussed and learned from, leading to better decision-making processes.
Utilizing Behavioral and Decision Sciences for Improved Decision-Making
Effective decision-making involves understanding the behavioral aspects of implementing processes. Documenting decisions realistically, rather than creating fabricated narratives, can lead to better outcomes. Tools like traffic lights grids and structured decision-making tables can enhance decision-making by disclosing potential downsides upfront. By integrating decision science with behavioral science, organizations can develop more actionable strategies that acknowledge the human aspect of choice and drive better outcomes.
What is decision science, and how can it help us to make better decisions?
On this episode, I'm joined by decision-making expert Dr Melina Moleskis, who explains how she combines decision science and behavioural science to help her clients make better decisions.
In a wide-ranging discussion, we explore:
how decision-making education is often overlooked in schools and businesses;
why decisions are swayed by various behavioural factors and how we can recognise them;
the power of AI to help provide alternative perspectives and aid decision-making;
the importance of judging decisions by process, not outcome;
why we should celebrate and learn from failure;
the importance of practising decision-making
and much, much more.
Resources To find out more about Melina, her company Meta Decisions and her wonderful newsletter: https://www.meta-decisions.com/
Melina on LinkedIn: https://www.linkedin.com/in/melinamoleskis/
My post on British Airways' 'Mistake of the Month' policy: https://www.linkedin.com/posts/humanrisk_ethics-compliance-speakup-activity-7151475397551902720-j3OW?utm_source=share&utm_medium=member_desktop
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