- URL: https://radreads.co/time-traps/
- Published Date: 2021-10-23
three common behavioral biases. These include: * The Mere Urgency Effect * The Planning Fallacy * The Present Bias
Mere Urgency Effect.
It dictates that humans choose objectively worse options (email) over objectively better options (client presentations) when “the unimportant tasks are characterized by spurious urgency (e.g. an illusion of expiration).
- In other words: if it looks urgent, we want to get it “off the table” and don’t question whether it’s actually worth doing. * First, the trusty can help distinguish the urgent from the important.
- If it’s your job to eat a frog, it’s best to do it first thing in the morning. And If it’s your job to eat two frogs, it’s best to eat the biggest one first.
- What’s something that would be 10x more impactful than checking my mail?
Meet the Present Bias (the yin to Delayed Gratification’s yang). This behavioral bias explains our tendency to give stronger weights to payoffs that are closer to the present. It’s the reason we procrastinate, eat too much sugar, and don’t invest in our retirement accounts.
- Our tendency to underestimate the time it will take to complete a future task despite knowing that similar tasks have taken longer in the past.
- Taking an outside view: Base your estimates on external sources (like interviews)
- Conducting a pre-mortem: Imagine your project was late and work backwards to identify the cause of the delay.
- Questioning your motivations: Are there subjective reasons such as internal politics, a personal deadline such as a holiday trip, or external pressure that may lead to unrealistic deadlines?