ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A quick decision often ignores the situation, instead relying on your intuition to guide you towards your preferred outcome. Intuition isn’t as good as we believe it to be. You see intuition is a learned response from an earlier experience. Sadly, learned responses only develop through repetition.

Detailed explanation-2: -If you make decisions quickly, you are someone who is decisive. A decisive event can settle something, like a war. People who are wishy-washy are the opposite of decisive: being decisive means you don’t waffle or take forever to make up your mind, and then you stick by what you decided.

Detailed explanation-3: -In one Stanford study, faster decision-making was linked to better performance, while slow decision-making was linked to poor performance. In one case, a firm’s delay in coming to a decision caused it to eventually go bankrupt.

Detailed explanation-4: -“Successful people make their decisions quickly and change their minds slowly. Failures make their decisions slowly and change their minds quickly.”