412. Mastering Decision Making: Three Essential Steps with Matthew Confer (Refreshed Episode)

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

In this enlightening episode of The Brainy Business podcast, host Melina Palmer revisits a compelling conversation with Matthew Confer on the three essential steps to better decision-making. As the VP of Strategy at Abilitie, Matthew brings a wealth of knowledge on leadership development and decision-making frameworks. This episode is a must-listen for anyone looking to enhance their decision-making skills, both personally and professionally, especially in the context of business leadership and management.

Melina and Matthew delve into the importance of challenging constraints, embracing pre-mortems, and checking the basics to make more informed and effective decisions. They discuss the value of simulation training for corporate leaders, drawing parallels to pilot training to emphasize the importance of experiential learning. With practical examples and insightful stories, this episode offers actionable strategies to improve decision-making processes in any organization.

In this episode:

• Learn the three critical steps to making better decisions: challenging constraints, embracing pre-mortems, and checking the basics.
• Understand the significance of simulation training in developing leadership and decision-making skills.
• Explore practical examples of how to implement these strategies in real-world business scenarios.
• Discover the importance of adaptability and flexibility in decision-making, especially in uncertain times.
• Gain insights into the psychological aspects of decision-making and how to overcome common biases.

Show Notes:

00:00:00 - Introduction Melina introduces the episode and the topic of three steps to better decision-making with Matthew Confer, highlighting the relevance of this discussion for the upcoming episode with Melaina Vinski.

00:04:12 - Matthew Confer's Background Matthew shares his background and his role at Abilitie, explaining how simulation training helps leaders develop critical decision-making skills.

00:09:30 - Simulation Training Examples Matthew provides examples of simulation training scenarios, including people management and financial acumen, and how these simulations help leaders practice decision-making in a controlled environment.

00:14:46 - Importance of Experiential Learning Melina and Matthew discuss the difference between thinking about doing something and actually doing it, emphasizing the value of experiential learning in improving decision-making skills.

00:20:15 - Step 1: Challenge the Constraints Matthew explains the first step in the decision-making framework: challenging the constraints. He shares examples of how successful teams take a step back to identify and challenge the constraints that might be holding them back.

00:25:22 - Step 2: Embrace a Pre-Mortem Matthew introduces the concept of a pre-mortem, explaining how it helps teams anticipate potential failures and plan accordingly. He discusses the psychological benefits of considering why a plan might fail before it is implemented.

00:30:45 - Step 3: Check the Basics Matthew highlights the importance of checking the basics, especially as decisions become more complex. He shares a notable example from NASA to illustrate how small details can trip up even the most advanced projects.

00:35:51 - Practical Examples and Applications Matthew provides practical examples of how these three steps have been applied in real-world scenarios, including the challenges and adaptations faced during the COVID-19 pandemic.

00:45:30 - The Press Release Method Matthew introduces the press release method, a decision-making technique used by Amazon, and discusses its potential benefits and applications in business decision-making.

00:50:12 - Conclusion, What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

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Connect with Matthew:

• Matthew on LinkedIn
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Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books.

Get the Books Mentioned on (or related to) this Episode:

• What Your Employees Need and Can't Tell You, by Melina Palmer
• Thinking Fast and Slow, by Daniel Kahneman
• The Friction Project, by Robert Sutton and Huggy Rao
• Friction, by Roger Dooley
• Sludge, by Cass Sunstein

Top Recommended Next Episode: Time Discounting (ep 328)

Already Heard That One? Try These:

• The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126)
• What Your Employees Need and Can't Tell You (ep 225)
• Scarcity (ep 270)
• The Science of Time Pressure (ep 366)
• Status Quo Bias (ep 376)

Other Important Links:

• Brainy Bites - Melina’s LinkedIn Newsletter
• Matthew’s Ted Talk
• Learn to Lead Podcast
• Amazon “Press Release” Method
• To Reach Your Goals, Imagine You Already Tried and Failed
• What a 5-Step Checklist at Johns Hopkins Can Teach You About Life and Business