The Harvard economist Sendhil Mullainathan and the Princeton psychologist Eldar Shafir, authors of the book Scarcity, have concluded that we make bad decisions when we are strapped for time, too busy to think, and struggling to manage our obligations. Even if we take only a few hours a week of unplanned time, we can develop a bigger-picture focus or strategies for how our business actually runs.

Among the effective executives I have had occasion to observe, there have been people who make decisions fast, and people who make them rather slowly. But without exception, they make personnel decisions slowly and they make them several times before they really commit themselves.

Among the effective executives I have had occasion to observe, there have been people who make decisions fast, and people who make them rather slowly. But without exception, they make personnel decisions slowly and they make them several times before they really commit themselves.

Not every bad decision is rushed, nor is every good one made slowly. It’s not that simple.

People mistake choosing for decisiveness and the decision-making process for waffling. Part of what makes slowing down and reasoning through a problem difficult is that, to the outside observer, it might look like inaction. But that inaction is a choice.

4.4. Do it!

Remember to factor the cost of analysis into your decisions. This is something many people fail to do. Most decisions require an art that balances speed and accuracy. When you move too slowly on mall decisions, you waste time and energy, no matter how accurate you may be. When you go too fast, you miss crucial information, make assumptions, overlook the basics, rush to judgment, and often solve the wrong problem. When things are hectic, however— even when speed matters— you need to slow down, just a little.