I saw an interview with Warren Buffet, where he states that if he makes something like two or three good decisions in a year, then it was a good year.
Is there best-practice process on how to make hard decisions? I am not talking about investment decisions, but hard decisions in general. The problems that I want to solve using such a process include:
- How to make the decision at the right time, not hastily and not too late. Relevant for this is how to guesstimate the cost of delaying the decision, compared to the benefit of a delay.
- How to guesstimate about the cost/benefit of obtaining more information relevant for the decision
It would also be interesting to know how to ask people efficiently for advice on the topic. This last part might be off-topic for this site, but I included it for completeness.