The decision tree is a visual representation of the process of making choices and the result of those choices. It is mapped out like the branches of a tree. A decision tree can be short and simple, illustrating the two choices in a single decision process, or it can present a long sequence of interconnected choices that flow from one to the next.
To show you how it works, letโs look at making a choice between two business opportunities.
You only have enough money to invest in one of them. Which will you choose?
Choice #1: A bakery ๐
Choice #2: A pet accessory store ๐ถ๐ฑ
Putting your money into the bakery will earn you $10,000 while the pet accessory store will only bring in $7,000.
๐Seems like the bakery is the obvious choice – for now.
But what if the bakery fails? You stand to lose $8K. O the other hand, if the pet accessory store fails youโll lose only $4k.
๐With the bakery. you can earn more, but you can also lose more.
To run the bakery, you have perishable goods. With a pet accessory store, your inventory can be on the shelf for months.
Seems like the bakery is riskier. ๐ถ๐ฑ Maybe the pet accessory store is better.
Finally, to operate the bakery you have to wake up at 3 AM — every day! Is that the life you want?
All choices have consequences and some of them are not clear cut or obvious. If you make a decision too soon without seeing where the decision tree ends up, youโll be making an uninformed decision, and likely regret it later on.
In every situation you face, there is a decision tree you can create to help you see your way to the end result โ so long as you keep your mind open and free of impulsivity.
I hope this brings you value. If you want to know more about Mind Focused Coaching, please join us at The Mental Wellness Society Group.