Tuesday, January 5, 2016

Regret Minimization Framework

What is a regret minimization framework? I am not sure who gets the credit for coining this term. Jeff Bezos, CEO of Amazon.com, uses this term. The name may sound fancy to you, but I am sure you have either read or heard this in many other forms. The concept is simple to explain. Decision making is difficult and all day along, we make decisions. This day-long exercise drains us of our vital energy. Sometimes, we struggle in this process, not knowing which is the right path. What do you do in such cases? So you use this framework to reduce the regrets you might feel by taking the decision. Jeff Bezos uses this project himself far into the future and reflects if he would regret the decision. Stephen Covey asks you to imagine what would be your eulogy. The underlying principles are the same.

You may watch the video for better understanding. Jeff Bezos describes a framework. You still have to use your wisdom before applying it.

 Tags: Musings, Jeff Bezos, Regret

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