Using ChatGPT to Make Better Decisions

A successful decision-making process has three steps: Framing the decision, generating alternatives, and deciding between them. Large language models can help at each stage of the process. But while it may be tempting to merely ask ChatGPT for answers, the real power of LLMs is how they can assist at each stage. Ask for help thinking of considerations you might be missing, or alternatives you might not have considered. LLMs can be a de-biasing tool, helping you frame and make the decision yourself.

Can ChatGPT help executives make better decisions? The large language model everyone has been talking about for months also has an eloquent answer to this question: “Yes, I can support you in management decisions by providing information, facts, analysis, and perspectives that can help you make an informed decision.” ChatGPT immediately follows up with a limitation of its own competence. “However, it is important to note that my advice and recommendations are based on an algorithmic analysis of data and information, and you, as a human being, still have to make the final decision based on your experience, knowledge, and assessment of the situation.”