Learning to make the right decision
A couple of nights ago, my daughter mentioned to me that her plan to undertake a new diploma course in digital media had been scuppered because she was not eligible for government grant and had to pay the full fee, which costs $19,000 for the one year programme. With the grant, it would have cost only $5,000 (and this was the amount that she used to get us to agree to sponsoring her for the course). The reason she was not eligible for the grant was because she had already completed a diploma programme that attracted government funding, and thus was not eligible for another one. I was not in favour of paying full fees for such a course, and told her I was not going to fund it. She was upset but reluctantly accepted it.
But that was not the end of it. During the course of the dinner, the topic of buying another car came up. Changes in circumstances may have predicated a need for us to purchase a second car (although that decision has not yet been made). She commented that it seemed illogical that I could consider buying a car, but not sponsor her studies (which will definitely cost much less, and more likely have a net positive effect on the future.) This presents a great opportunity for us to educate her on the important ingredients to decision making. So while this may be a parenting topic, the lessons in this article are equally applicable at work.
If you are familiar with our material, you will know that the primary ingredient for the right decision is intent. One needs to be clear about what one is to achieve, and the outcomes of such an intent. For my daughter's case, the intent was to attain a degree in digital media and her point was since she did not have the necessary background knowledge to jump straight into a degree course, she had to first complete the diploma course. Yet, this still cannot be the final intent because what was the point of getting the degree if not to enter the industry and work on digital media projects? So that, ultimately, is my daughter's intent - to work on digital media projects in the industry.
But my intent is different. My intent is to make sure that I manage my expenditure well. At $5,000, it would not have impacted my expenses a lot and I could sponsor her course without thinking twice; but at $19,000, it would. But one could argue that buying the car would impact the budget even more, and that is true. But my intent there was to solve a pressing household need, one which affects many more people in the house than just my daughter. Hence, in terms of my expenditure priorities, the car - or, more accurately, meeting the household need - was more important than my daughter's diploma.
Once we are clear about what we want to achieve, we can start looking at the different options we could take to meet it. For my daughter's intent of entering into the industry, the options could be
(1) get a diploma or degree from an established school (which is what she is considering),
(2) get certification from online courses with established universities,
(3) simply jump into the industry and learn on the job,
(4) intern in a big digital media production house,
(5) take up digital media projects as a hobby
All of these have the potential to help her ease into the industry, but with different routes, timelines and costs. So, which is the best option? This brings me to constraints.