Choice Crisis — Solved by ‘5’
Don’t want to be confused, Mr. Clark? then decide to read this article
Till the 20th century, purchases were governed by availability. People would choose the thing which was available to them. If your local vendor only sold Pepsi, you drank Pepsi; you didn’t waste time comparing it to Coca-Cola. Supply chain improvements, Technology fueled production boom and the rise of the internet have crowded us by choices.
French philosopher Jean Buridan described a donkey that, unable to choose between two bales of hay, starves to death. Like the fictional donkey, people often must decide between two items of equal value.
· Which Clothing to buy from 100,000 choices available on the e-commerce website?
· Which OTT Platform to subscribe to? Which Movie /TV Show to watch?
· Which Mobile phone to buy? Where to buy it from?
And so on and so forth.
The 21st century is the century of Choice crisis. Today We waste a lot of time deciding, leaving little time to relish the chosen item.
The solution is to put a reasonable deadline on decision time.
I suggest The Mathematical formula: Decision Time = (Impact Time)/10
· Decision Time: The maximum time you can devote to deciding on the choice
· Impact Time: The minimum time for which the decision will certainly impact your life
Let’s see some examples with 5’s that will help you implement this formula in life.
Using Decision Time = (Impact Time)/10, ensures that you relish your choice for at least 90% of the time it will impact you.
Final tip: Once a decision is made, assume it to be right and go ahead with it. Don’t look back.
Stay tuned for the coming article about — How to make decisions faster?