Thursday, August 20, 2020

@ Compare Options - but be sure it's apples to apples

We are constantly challenged to make choices and are most often needing to compare one option versus another. To correctly evaluate competing options, it is critical to compare these options on an 'apples to apples - feature to feature - risk to risk basis'.

--------------------------------------------------------------------------------------------

Why? ...

Most decisions are emotional in nature and often are biased by your most recent experiences or problems. When comparing two or more options your emotions can emphasize either that which brings most pleasure or satisfaction or avoids the most risk or pain. By allowing decisions to be made strictly on an emotional basis, usually results in only short term resolution and not a long term benefit.

What you do ...

1. revisit the decision you need to make and validate what it is you have to decide
2. obtain the facts (and features) of your options being considered
3. compare each fact or feature one-by-one ... item by item (mentally or on paper). Focus only one item at a time - DO NOT compare on an over basis
4. now be negative and look at each feature from a risk basis - "what can go wrong or how will this affect me later on" (meaning cost, ease of use, short term breakdown)
5. now consolidate your comparisons and remove emotion (don't consider what others think how cool it will be, be sure your decision will not impact others)
6. make your decision

Example(s) ...

  • Grandma and I were invited out with friends during COVID. They felt the virus was not a real issue and encouraged us to join them. We wanted to be seen as friendly and sociable, we enjoyed their company and were good friends. However, weighing the risks, we would be in a restaurant with others we don't know, our age placed at a higher risk, and our friends have been seeing others quite often - we decided 'not at this time'.
  • New iPhone: I have a iPhone 6s Plus and iPhone 11 is out. Boy, it would be nice to have the latest phone. Hmmm the 11 has a better camera, is faster, and others what say "wow, you have the new iPhone!". Now my 6s Plus has a camera that works fine, it's plenty fast and most people really don't care what phone I have. My emotions wanted a new phone but the 6s does everything I need to do. Also, I am 3 months away from Apple's new iPhone 12. Hmmm - decision was keep my 6s.


No comments:

Post a Comment