Sunk Cost Fallacy - let's keep digging a deeper hole...
Parts of this article are from my new book, How Many Economists Does It Take To Change A Lightbulb? - check it out on Amazon! And for those located in Asia, I'll be mass-ordering to save on individual shipping costs, so drop me a message if you're keen to get a copy! Have you ever worn an uncomforta
Understanding the Dunning-Kruger Effect and Its Impact on Leadership
For most of my career, being blindly confident about things I knew little about was my signature move. My desire to be seen as the expert meant that I moved forward when I had what I thought was enough information to make me a self-described expert.
Convergent Thinking Versus Divergent Thinking
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Description:
Imagine you have a problem you need to solve and you’re looking for innovative solutions. In this moment, there’s a good chance you’ll choose one of two cognitive approaches. In 1956, the psychologist J.P. Guilford coined the terms convergent thinking and divergent thinking to describe these contrasting approaches.
Convergent thinking is linear and systematic while divergent thinking is web-like, focusing on the connections between ideas.
Convergent thinking narrows down multiple ideas into a single solution.
On the other hand, divergent thinking expands outward by generating multiple ideas, often thinking like a hacker and using materials in original ways. Here, you treat barriers as design opportunities.
Convergent thinking tends to be more focused (target) while divergent thinking is more flexible and iterative.
Convergent thinking is analytical and focused on what’s best.
By contrast, divergent thinking is open-ended.
Participants are encouraged to take creative risks.
even though some ideas might not work.
Convergent thinking asks, “Why?” Divergent thinking asks, “Why not?”
While these might seem like competitive approaches, they actually go hand-in-hand.
Often, teams will use divergent thinking to generate multiple ideas followed by convergent thinking to analyze and narrow down ideas.
Later, they might use divergent thinking to come up with fresh perspectives, followed by convergent thinking, in an ongoing cycle.
Maslow's Hierarchy of Needs
Maslow's hierarchy of needs is a pyramid of the needs that motivate people. Individuals most basic needs, at the base of the pyramid, are physiological. Once they have fulfilled these needs, people move on to their safety needs, social well-being, self-esteem then ultimately their need for self-actualization.
OODA loop
The OODA loop is a decision-making model developed by United States Air Force Colonel John Boyd. He applied the concept to the combat operations process, often at the operational level during military campaigns. It is often applied to understand commercial operations and learning processes. The approach explains how agility can overcome raw power in dealing with human opponents.