5-Step Framework Cheat Sheet | The Decision Detox

The 5-Step Framework Cheat Sheet

Your quick reference guide to identify biases, avoid pitfalls, and make smarter choices

About This Framework

The Decision Detox 5-Step Framework is a practical approach to overcoming cognitive biases and making better decisions. This cheat sheet provides a condensed version of the framework that you can reference whenever you're facing an important decision.

Use this framework to identify when cognitive biases are affecting your thinking, understand their impact, and implement strategies to make more rational, evidence-based decisions.

Note: This is a simplified version of the complete framework available in the full Decision Detox guide.

1 Recognize the Bias Trigger

The first step is to identify situations where cognitive biases are likely to affect your decision-making. These typically occur when:

  • You're making decisions under time pressure
  • You're dealing with complex or ambiguous information
  • You have strong emotional investment in the outcome
  • You're facing information overload
  • You're making decisions in unfamiliar domains
Example: You're considering investing a significant amount of money in a new business venture that a friend has recommended. You feel excited about the opportunity but also pressured to decide quickly before "missing out."
Quick Tip

Create a "bias trigger checklist" for yourself. Before making important decisions, review the checklist to see if any bias triggers are present.

2 Identify the Specific Bias

Once you recognize a potential bias trigger, identify which specific cognitive biases might be influencing your thinking:

Common Cognitive Biases

  • Confirmation Bias: Seeking information that confirms existing beliefs while ignoring contradictory evidence
  • Availability Bias: Overestimating the likelihood of events based on how easily examples come to mind
  • Sunk Cost Fallacy: Continuing to invest in something because of what you've already invested, not because of future value
  • Anchoring Bias: Relying too heavily on the first piece of information encountered
  • Overconfidence Bias: Overestimating your knowledge, abilities, or the accuracy of your predictions
Example: In the investment scenario, you might be experiencing:
  • FOMO (Fear Of Missing Out) - a form of availability bias
  • Confirmation bias - focusing only on potential gains, not risks
  • Authority bias - trusting your friend's recommendation without sufficient research
Quick Tip

Ask yourself: "What would I advise a friend to do in this situation?" This can help create psychological distance and reduce bias.

3 Pause and Create Distance

Once you've identified potential biases, create psychological and temporal distance from the decision:

  • Implement a mandatory waiting period before finalizing important decisions
  • Use the "10/10/10 Rule" - How will you feel about this decision in 10 minutes, 10 months, and 10 years?
  • Write down your thoughts and reasoning to create objective distance
  • Change your physical environment to gain a fresh perspective
Example: For the investment opportunity, you decide to:
  • Take 48 hours before making any commitment
  • Write down all the pros and cons
  • Consider how this investment fits into your 10-year financial plan
Quick Tip

Set up "cooling-off periods" for different types of decisions. For example: 24 hours for purchases over $100, 1 week for purchases over $1,000, 1 month for major life decisions.

4 Seek Contrary Evidence

Actively search for information that contradicts your initial inclination:

  • Play devil's advocate with your own thinking
  • Consult people with different perspectives
  • Research counterarguments and alternative viewpoints
  • Consider the opposite of your initial conclusion
  • Use the "pre-mortem" technique: Imagine the decision failed and analyze why
Example: For the investment opportunity:
  • Research similar ventures that have failed
  • Consult a financial advisor who has no stake in your decision
  • Ask your friend about the biggest risks and potential downsides
  • Imagine the investment failed completely and analyze what might have caused it
Quick Tip

For important decisions, create a "Red Team" - a person or group whose job is to find flaws in your thinking and present counterarguments.

5 Decide with Structured Reasoning

Make your final decision using structured reasoning techniques:

  • Use a weighted pros and cons list
  • Apply the "WRAP" method: Widen options, Reality-test assumptions, Attain distance, Prepare to be wrong
  • Consider opportunity costs
  • Evaluate decisions based on expected value
  • Document your decision process for future reference and learning
Example: For the investment opportunity:
  • Create a weighted pros/cons list with importance ratings for each factor
  • Calculate the expected return considering different probability scenarios
  • Compare this opportunity with other ways you could invest the same money
  • Document your reasoning process in a decision journal
Quick Tip

Keep a decision journal where you record important decisions, your reasoning, and expected outcomes. Review periodically to improve your decision-making process.

This cheat sheet is designed to be printable. Use the button below to download a PDF version or simply print this page.

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