232 – Dave Smith PhD – How to make Better Decisions in your Business Part 1

Dave Smith PhD (d.d.smith @ mmu.ac.uk) is a Health Care and Professions Council registered Sport and Chartered Exercise Psychologist. He is currently Senior Lecturer in Sport and Exercise Psychology at Manchester Metropolitan University and Associate Editor of The Sport Psychologist, which is one of the most prominent peer-reviewed sport psychology journals.

His research interests include psychological issues in bodybuilding and strength training, psychological skills training (particular imagery), and low back pain. He is a former personal trainer with a specific interest in high-intensity training, and also has interests in target and precision sports, and thought/decision making processes in sport and other contexts. 

Listen to Dave’s first appearance on the podcast HERE

In this episode, Dave and I discuss the different factors in decision making, how to overcome cognitive biases, how to make better decisions in your business, and much more. 

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• Listen to it on Apple Podcasts
• Stream by clicking here
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Show Notes

• 2:59 – Psychology and decision making
• 6:45 – Why humans make ERRORS in decision making
• 11:33 – The Monty Hall problem
• 21:54 – GUT INSTINCT and other factors affecting human decisions
• 31:08 – How to overcome cognitive biases and make better decisions
• 41:36 – Why you should be cautious with SURVIVORSHIP BIAS
• 52:09 – Dave’s advice with regards to checklists
• 56:15 – The risks of the narrative fallacy

Selected Links from the Episode

• The Health and Care Professions Council (HCPC)
• Manchester Metropolitan University
• The Sport Psychologist
• Australian Institute of Sport
• Let’s Make a Deal Game show
• Monty Hall Problem
• Maserati
• Think Twice: Harnessing the Power of Counterintuition by Michael J. Mauboussin 
• Stranger Danger
• Cognitive Biases
• The 5 AM Club: Own Your Morning. Elevate Your Life. by Robin Sharma
• The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen Covey
• Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
• The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko
• Anyone Can Do It: My Story by Duncan Bannatyne
• IBM

People Mentioned

• Michael Mauboussin
• Daniel Kahneman
• Monty Hall
• Marilyn vos Savant
• Nassim Nicholas Taleb
• Gordon Ramsay
• Abraham Wald
• Duncan Bannatyne
• Luke Carlson (Listen to my episodes with Luke here: Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, and Part 9)
• Patty Durell (Listen to my episodes with Patty here: Part 1, Part 2)
• Mark Zuckerberg
• Bill Gates
• Gary Kildall
• Michael Gazzaniga