Quality of process vs Quality of outcome

I heard something from Adam Grant recently about how he assess his decisions using the following 2x2 matrix. The idea is to look at both the Quality of the decision making process along with the Quality of the outcome. So situations where we have a poor quality decision making process and a good outcome is purely luck. We shouldn’t let ourselves think we were good at making that decision. Similarly there can be situations where you put a lot of time and energy into making the decision but then the outcome wasn’t favourable. Was it the quality of your decision? Or was it just bad luck?

I’m naturally wondering how this could be applied in personal finance and investing decisions.