Jeff Bezos, the founder and CEO of online retail giant Amazon, utilizes a technique called regret minimization framework to help him contextualize the potential effects of big decisions, which he credits as one of the keys to his success, according to Inc.
Regret minimization framework requires a decision maker to consider both the best and worst possible outcomes of a given decision, and evaluate which they would regret more: missing out on the best outcome or having to experience the pitfalls of failure. If the regretful pangs of what could have been are too much to bear, then it is time to take a risk. But, if the thought of failure is too intimidating, then it is a risk not worth taking.
This technique forces leaders to articulate their core values and long-term goals, which can help any leader make the tough decisions that come with high-profile responsibilities.
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