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Risks versus Rewards Worksheet

Risks versus Rewards Worksheet

There are lots of methods and techniques for making decisions. One of the most commonly used is the pros versus cons list or risks versus rewards. This type of list helps make a clear distinction about what benefits a choice offers, and also what you have to lose.

To make it easy, I put together a basic spreadsheet that I use to quickly show how the rewards measure up to the risks, and vice versa.

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When you have a decision to make, begin by listing all the rewards the choice offers, then choose a weight for the reward. I like the weighted approach because though you may end up with the same number of rewards as risks, the overall weight is what will determine the choice. Once you have listed the rewards, do the same for the risks.

As an example, let say you’re trying to decide whether to go skiing this weekend. You’d begin by listing the rewards – such as fun, seeing friends, etc. – along with a weight on a scale from 0-5 on the importance of each reward. Next you’d list the risks – you can’t ski, breaking something, death, etc. – and the weight of each risk. The worksheet uses a simple calculation to determine the outcome, and displays a message along with a simple bar graph of the results.

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Risks vs Rewards Worksheet

    What you end up with is a clear picture, based on your own thoughts about specific factors, of which direction to take.

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    Download Risks versus Rewards Worksheet (MS Excel – Tested in versions 2000 and 2003)

    Tony D. Clark writes, draws cartoons, designs software and websites, and spends a lot of time talking others into working from home, being creative, and doing what they love. His blog Success from the Nest focuses on helping parents who want to do meaningful work from home and have more time for their families. His weekly podcast The Creative Venture is designed to bridge the gap between creativity and practical business knowledge, helping creative people turn their talents into a thriving business.

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    Last Updated on January 2, 2019

    7 Steps For Making a New Year’s Resolution and Keeping It

    7 Steps For Making a New Year’s Resolution and Keeping It

    Are you keen to reinvent yourself this year? Or at least use the new year as a long overdue excuse to get rid of bad habits or pick up new ones?

    Yes, it’s that time of year again. The time of year when we feel as if we have to turn over a new leaf. The time when we misguidedly imagine that the arrival of a new year will magically provide the catalyst, motivation and persistence we need to reinvent ourselves.

    Traditionally, New Year’s Day is styled as the ideal time to kick start a new phase in your life and the time when you must make your all important new year’s resolution. Unfortunately, the beginning of the year is also one of the worst times to make a major change in your habits because it’s often a relatively stressful time, right in the middle of the party and vacation season.

    Don’t set yourself up for failure this year by vowing to make huge changes that will be hard to keep. Instead follow these seven steps for successfully making a new year’s resolution you can stick to for good.

    1. Just pick one thing

    If you want to change your life or your lifestyle don’t try to change the whole thing at once. It won’t work. Instead pick one area of your life to change to begin with.

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    Make it something concrete so you know exactly what change you’re planning to make. If you’re successful with the first change you can go ahead and make another change after a month or so. By making small changes one after the other, you still have the chance to be a whole new you at the end of the year and it’s a much more realistic way of doing it.

    Don’t pick a New Year’s resolution that’s bound to fail either, like running a marathon if you’re 40lbs overweight and get out of breath walking upstairs. If that’s the case resolve to walk every day. When you’ve got that habit down pat you can graduate to running in short bursts, constant running by March or April and a marathon at the end of the year. What’s the one habit you most want to change?

    2. Plan ahead

    To ensure success you need to research the change you’re making and plan ahead so you have the resources available when you need them. Here are a few things you should do to prepare and get all the systems in place ready to make your change.

    Read up on it – Go to the library and get books on the subject. Whether it’s quitting smoking, taking up running or yoga or becoming vegan there are books to help you prepare for it. Or use the Internet. If you do enough research you should even be looking forward to making the change.

    Plan for success – Get everything ready so things will run smoothly. If you’re taking up running make sure you have the trainers, clothes, hat, glasses, ipod loaded with energetic sounds at the ready. Then there can be no excuses.

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    3. Anticipate problems

    There will be problems so make a list of what they’ll be. If you think about it, you’ll be able to anticipate problems at certain times of the day, with specific people or in special situations. Once you’ve identified the times that will probably be hard work out ways to cope with them when they inevitably crop up.

    4. Pick a start date

    You don’t have to make these changes on New Year’s Day. That’s the conventional wisdom, but if you truly want to make changes then pick a day when you know you’ll be well-rested, enthusiastic and surrounded by positive people. I’ll be waiting until my kids go back to school in February.

    Sometimes picking a date doesn’t work. It’s better to wait until your whole mind and body are fully ready to take on the challenge. You’ll know when it is when the time comes.

    5. Go for it

    On the big day go for it 100%. Make a commitment and write it down on a card. You just need one short phrase you can carry in your wallet. Or keep it in your car, by your bed and on your bathroom mirror too for an extra dose of positive reinforcement.

    Your commitment card will say something like:

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    • I enjoy a clean, smoke-free life.
    • I stay calm and in control even under times of stress.
    • I’m committed to learning how to run my own business.
    • I meditate daily.

    6. Accept failure

    If you do fail and sneak a cigarette, miss a walk or shout at the kids one morning don’t hate yourself for it. Make a note of the triggers that caused this set back and vow to learn a lesson from them.

    If you know that alcohol makes you crave cigarettes and oversleep the next day cut back on it. If you know the morning rush before school makes you shout then get up earlier or prepare things the night before to make it easier on you.

    Perseverance is the key to success. Try again, keep trying and you will succeed.

    7. Plan rewards

    Small rewards are great encouragement to keep you going during the hardest first days. After that you can probably reward yourself once a week with a magazine, a long-distance call to a supportive friend, a siesta, a trip to the movies or whatever makes you tick.

    Later you can change the rewards to monthly and then at the end of the year you can pick an anniversary reward. Something that you’ll look forward to. You deserve it and you’ll have earned it.

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    Whatever your plans and goals are for this year, I’d do wish you luck with them but remember, it’s your life and you make your own luck.

    Decide what you want to do this year, plan how to get it and go for it. I’ll definitely be cheering you on.

    Are you planning to make a New Year’s resolution? What is it and is it something you’ve tried to do before or something new?

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