YOU DO YOU
Bounded rationality may be skewing your decisions
Meh, good enough.
I think this approach is fine.
Maybe we should just stick with what we planned.
Saying or thinking any of these things could be a symptom of bounded rationality, a human tendency to settle for adequate choices instead of seeking the additional information necessary to make truly optimal choices.
We use it when we make decisions based on the bounded, limited information we have instead of seeking all the information that might be available.
Often, we’re approaching a decision based on specific criteria and quit once that criteria, however limited, has been satisfied.
Example behavior: You need to choose a caterer for an upcoming event. One of the caterers happens to be a former colleague. She tells you her company uses sustainable packaging. Your criteria for the decision is to make it in three days, so you decide to go with your colleague’s company instead of finding out if the other catering options also use sustainable packaging.
Should you break beyond it? Bounded rationality is generally harmless in casual, day-to-day situations that primarily impact only yourself. However, if decisions impact multiple people and long-term outcomes, it’s important to be aware and mitigate this tendency.
The experts at The Decision Lab recommend making important decisions in groups:
“Since, as individuals, we will always be affected by bounded rationality, working in groups or teams can help us overcome some of the limitations of bounded rationality. People come to the table with different brain capacities from their previous knowledge and life-experience. Working on a task together also reduces the amount of time each of us has to spend on it, meaning that we may have more time to do in-depth research about the task at hand, and expand our available information.”
TOGETHER WITH MIRO
Don’t start from scratch — use a template
Are you tired of staring at a blank canvas when it comes to your team’s collaboration and brainstorming?
Look no further than Miro!
With a wide variety of templates, you’ll have everything you need to jumpstart your next project. From mind maps to team meeting agenda templates, Miro has it all. Plus, its intuitive interface makes it easy for even the most technologically challenged team members to use.
Some of our fave templates:
- Meeting Agenda Template
- Daily Standup Meeting Template
- Pros & Cons List Template
- To-Do List Template
- Stickies Packs Template
- Emotions Wheel Icebreaker Template
See all of Miro’s free templates
GET MORE SH*T DONE
Ever heard of a burndown chart?
What? Burndown charts are highly visual summaries of work that has been completed and work that still needs to be done, as well as time constraints for that work.
Who? Project managers, primarily, use burndown charts, but anyone who wants to visualize their work and make it more efficient could find them helpful.
When? You know when you’re in the middle of a big project and you have a moment of panic and uncertainty: Will I get this done on time? That’s when to use a burndown chart and wrap your head around the facts.
Why? These charts provide clarity on how much work really is left instead of how much work you perceive is left. Additionally, visualizing progress can have a motivating effect.
How? Here are instructions for making a burndown chart in Excel from Nifty PM or you can swipe the template here.
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LEVEL UP
Got humor?
Skip the pranks this April Fools’ Day. Instead, simply spend a little time celebrating and appreciating the wonder of humor.
Health Benefits: Laughter has been shown to relieve stress and boost immunity. It releases endorphins and increases circulation.
Work Benefits: Laughter isn’t just for recess. Evidence suggests it might make people more, not less, productive in the office. It releases serotonin and dopamine that can boost concentration.
How to laugh more: Your laughter muscle is like any other: the more you use it, the stronger it gets.
You can try the usual suspects, seeing a comedy show or watching your go-to funny movie, but here are some less traditional ways to seek laughter:
- Start practicing laughter yoga
- Take a “laughie,” which as one expert explains, is “like a selfie, except instead of taking a photo of yourself, you use your smartphone to record yourself laughing and then keep that to laugh with whenever you want.”
- Remember your mistakes. Popular Science recommends visualizing a ridiculous mistake you made, embracing it, and then laughing about it. (Because, let’s be honest, it’s probably hilarious.)
WATERCOOLER TALK
April 2 is World Autism Awareness Day
- Experts have not yet identified all the possible causes of ASD
- It affects approximately 1 in 68 kids in the United States
- Sensitivity to noise is one early sign
- Families spend $60,000 annually on average to support loved ones with ASD
- There is currently no national requirement for adult ASD support services
Want to get involved? Autism Speaks has your toolkit!
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SPILL THE TEA
Hooray, You Made It to the End of Our Newsletter!
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⭐ Answer here.