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from TradeBriefs FMCG Daily Newsletter

Sree Vijaykumar

From the Editor's Desk
Here's a framework to keep in mind when making important decisions - at work or in life. Let's call it the Tradeoff-Probability framework. First of all, it's important to realize that every decision you take has a trade-off. Even not taking a decision is a decision to continue with the status quo and that has a tradeoff - you might be missing out on an exciting opportunity. For example, if you are unsatisfied with your current job, it is important that you take a decision - find a new job? fix whatever is bugging you in your current job? Stay on and do nothing? Here, we introduce the probability framework. What is the probability that finding a new job will make you happier? In addition to the obvious positives and negatives, consider the positives of your current job and the novelty factor wearing off on your new job. If the probability is high (> 75%) that the tradeoff for your new job vs your old job is a better one, it's time to move. What thinking about probabilities does is recognize that nothing in life is certain. The best you can do is get as much information as possible and try to ascertain a probability to the outcome. A series of high probability positive decisions makes for a satisfying life with no regrets - Comment

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