Values-Based Decision Making: Find Your Jam
Researchers at Stanford University and Columbia University conducted a study called “The Jam Experiment” which evaluated how the number of choices affected decisions.
Presented with samples of more than 20 types of jam or just six types, more shoppers visited the larger display, but only 3% bought a jar of jam. Conversely, 30% of the shoppers who stopped at the smaller display followed through with a purchase.
The results showed that minimizing options facilitated the decision-making process (and led to more jam sales).
The same applies in the real world, as too many choices can be overwhelming. Decision-makers should consider a framework to reduce the number of options and make decisions easier. One option is using personal values to provide a decision-making framework.
1. Identify Your Values.
Helpful methods to clarify your personal values include free online tests, apps, and journalling prompts. Choose five to seven core values and rank them in order of importance. Think of “you at your best” as you make and organize these selections.
2. Clarify The Decision.
Gather facts and data about the decision you face. Then, outline the distinct options you see today and consider if there are additional options.
3. Vet Options Against Your Values.
How do the options align with your values? Discard options that are in opposition to your core values. For example, if financial independence is a top priority, eliminate any options that require you to take out a loan or ask for financial support.
4. Make Your Decision.
As you evaluate the remaining options, do any of your values take on more importance? Are there values that you do not want to compromise? Finally, with this in mind, which choice is the best option?
Values-based decision making can profoundly resonate with your authentic self. Using your values as a “north star” makes it less likely that you will experience regret and ultimately be satisfied with your decision.
SOURCE: United Benefits Advisors (UBA)
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