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Flipping a coin is a decision making technique that finalizes a choice by flipping a coin. It is typically used to decide between two choices but can also be applied to a binary decision tree to choose between any number of options. |
| Function | Decision MakingArbitration | | Value | Flipping a coin is a lightweight process that quickly arrives at a decision. In other words, it minimizes the cost of the decision making process itself.
| | Use | Flipping a coin is used to make a decision when a more complex decision making process is unlikely to improve decision quality. This occurs when choices are too close to call or when limited data is available. It can also be used to resolve disputes as a lightweight but random form of arbitration. |
Decision Making
This is the complete list of articles we have written about decision making.
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A list of decision making techniques.
The observation that groups may make collective decisions that are viewed as wrong or irrational by each individual member of the group.
A complete guide to the decision making process.
Rational thought is often somewhat logical but includes factors such as emotion, imagination, culture, language and social conventions.
The common types of uncertainty in decision making and strategy.
A definition of information costs with examples.
A definition of reverse brainstorming with examples.
The definition of decision fatigue with examples.
Taking a position that you do not necessarily agree with for the purposes of argument.
The definition of paradox of choice with examples.
An overview of problem solving with examples.
A list of thinking approaches and types.
A definition of workaround with examples.
A list of common creative thinking techniques.
A list of common types of problems.
The definition of analysis paralysis with examples.
The definition of the arrow of time with examples.
An overview of common business problems.
The definition of decision framing with examples.
The common types of research.
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