It’s our choices, Harry.

A good decision is never an accident. It is always the result of logical intention, sincere effort, intelligent direction, and skillful execution. It represents the wise choice of many alternatives and the outcome is one that adds positive value to your long-term success.

Decisions vs. outcomes.

The quality of a decision, however, is not the same as the quality of the outcome. A good decision can be good (adds positive value), neutral (adds no value), or poor (adds negative value). For example, say you did extensive analysis and decided to purchase a particular company stock. The day after you bought the stock, a tsunami leveled the headquarters building. Your decision was still a good one, even though you lost your shirt on that investment.

A bad decision is one that was based on inadequate or unreliable information, or one that did not reflect what you really wanted. Bad decisions usually result from a poorly thought-out decision-making process, but they can still have good outcomes. This means you got lucky. For example, if you throw a dart at the stock pages and buy the one it hits, your decision was a bad one, even if the stock price rises. Although you scored a good outcome purely by accident, the wise decision-maker doesn’t rely solely on dumb luck in order to succeed.

Know what works for you.

Psychologists tell us we have two basic decision styles. Some of us prefer to gather information, objectively weigh different options, and analytically determine which choice is best. This style is called rational choice. Others prefer to rely on experience, values, and perceptions (“gut feel”) and make up their mind on the spot. This is called intuitive choice. Most of our decisions are made using intuition, in large part because it is faster, more convenient, and less stressful.

Each of us has a highly individualized approach to decision making and what works for your friend may not be what works for you. That’s okay! Regardless of your preferred style, the best approach will depend on the significance of the decision, the challenges involved, and the time available for analysis. Think through important decisions before taking action. In addition, time spent examining mistakes that you (or others) may have made in the past may help you more adeptly avoid them in your future.