S4E07 - Ralph Keeney on nudging yourself toward better decisions

Season 4

Jun. 30

Decisions. They are the way we can steer our lives forward, yet how much thought do people give to how they are making them? And more importantly, what are the small things we can do to improve them?

In this episode, I go back to basics with global decision making expert, Ralph Keeney. Ralph is a Professor Emeritus of Business Administration at Duke University and a Professor Emeritus of Industrial and Systems Engineering at the University of Southern California. He has written multiple books on decision making, including Value-Focused Thinking, Smart Choices, and Give Yourself A Nudge.

We talk about why it's worth putting thought into how you make decisions, the impact of shifting focus from decision problems, to decision opportunities, the importance of defining your values in a decision and some quick things you can do to improve your decision making.

Topics Covered

3:25 Why is it worth it to take time to think about decision making?
4:57 Learning the skill of decision making through practice
6:52 Which decisions are worthy of thought
7:46 How much time and effort to put into decisions
10:58 Shifting from alternatives-focused to value-focused thinking
14:46 Decision problems vs. decision opportunities
19:04 Decision opportunities as a way to reduce bad outcomes
21:03 Where you should focus your efforts to improve a decision
22:19 The three keys
24:40 The three keys: an example
27:41 How to nudge yourself to make better decisions
28:43 A nudge for those obsessed with finding the best option
31:29 Little nudges > Learning decision analysis
32:52 Practice on your personal decisions
34:45 Advice for those uncomfortable with decision making in the face of uncertainty
36:17 The upside of uncertainty
38:27 Parting words of wisdom

Guest Bio

Ralph L. Keeney is an expert on decision making. His passion is to help individuals and organizations improve their decision making skills. He has written extensively on the foundational ideas and concepts for making quality decisions and on practical procedures to routinely use, and applications of, those ideas and concepts on important decisions. Dr. Keeney has consulted on a wide range of decisions including corporate management problems, public policy, and significant personal decisions.

Professor Keeney’s books, which have been translated into numerous languages, include Decisions with Multiple Objectives with Howard Raiffa (1976, 1993), Value- Focused Thinking: A Path to Creative Decisionmaking (1992), Smart Choices: A Practical Guide to Making Better Decisions, with John S. Hammond and Howard Raiffa (1999), and Give Yourself a Nudge: Helping Smart People Make Smarter Personal and Business Decisions (2020).

Keeney received a Ph.D. in engineering and operations research from the Massachusetts Institute of Technology. He is a Research Professor Emeritus of Business Administration at Duke University and a Research Professor Emeritus of Industrial and Systems Engineering at the University of Southern California. He recently received an honorary doctorate from the University of Waterloo in Canada and has been a member of the National Academy of Engineering of the U.S. since 1995.

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— Michelle Florendo