Question

Discuss in general are decisions having the most weight, risk, and/or impact do they require quick decision making or are they given a reasonable amount of time to apply system 2 thinking?

Answer 1

Decisions representing the highest impact or the most weight presents us with the dichotomy where the consideration of quick decision and selection of alternatives might be necessary for some situations, but unless the proper amount of consideration is provided and a thorough analysis is conducted, alternatives are weighed and theoretical and statistical probabilities are calculated, the decision has a higher chance of lacking the necessary backing it would require to be useful. It does not mean that the decision reached through a long thought process is generally better. Rather, the longer the decision takes, the higher degree of variability, and uncertainty we add to the situation.

For decisions carrying the most weight, if we have the necessary data, we should take a quicker route and should generally prefer to take the decision alone since each individual further adds variability and makes the decision and its probable outcome more abstract. While quick decisions made without proper analysis lead to the same outcome. In order to implement the necessary framework to make decisions, we need to approach it through a system where we set some amount of constraints with time, while also making sure we have enough opportunity to evaluate all the present data in order to make the decision applicable and sustainable since it has a higher impact over our processes.

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