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June 24, 2020

There is no such thing as a bad decision

Zz

 

I've never been able to convince people that the headline is true.

Here's my reasoning:

• Everyone tries to make the best decision possible using all available information

• Sometimes the results are favorable, other times not

• In those cases, the outcome is bad but the decision was good, as good as it could have been when you made it

• If you maintain that a bad outcome means you made a bad decision, I'd respond that you are right — if you could have predicted the future, and after seeing it you still made the same decision

• Calling a decision bad means you saw the future but went ahead anyway and acted to your disadvantage

• That being unlikely, you've never made a bad decision — and you never will

June 24, 2020 at 12:01 PM | Permalink


Comments

In economics we say something like this: "There are no bad choices, only bad choosing."

It could be a little clearer: choices here is used to mean what you did choose, not that array of possibilities you chose from.

Sometimes one is confronted with bad, worse, and worst. Good choosing means going with the bad option.

Posted by: Dave Tufte | Jun 24, 2020 6:08:54 PM

Hertz declares bankruptcy.
Hertz stock goes UP 500%.
Bankruptcy judge gives permission to issue $1 Billion in new Hertz stock.
On a bankrupt company, a $Billion in new stock. WTF!!

So try to make a decision based on logic? Fuhgeddaboudit.

Posted by: xoxoxoBruce | Jun 24, 2020 4:11:36 PM

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