ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Think about your goals and values. It’s important to be true to ourselves and what we value in life. When you factor into a decision the things that are important to you, the best option might become obvious. At any rate, you’re more likely to end up with an outcome you’re happy with.
Detailed explanation-2: -Making better decisions leads to better results (and fewer repercussions). Better decisions might leave you with more options and flexibility. Conversely, a good decision might shut off other options but open up a new opportunity. When you make better decisions, it also means you’re learning from your mistakes.
Detailed explanation-3: -Lack of Frame Control: Failing to define the problem in more than one way. Overconfidence in Your Judgment: Failing to gather key factual information. Shortsighted Shortcuts: Relying inappropriately on “rules of thumb”. Shooting from the Hip: Failing to follow a systematic procedure when making the final decision.
Detailed explanation-4: -Weigh the pros and cons. Make a list of what’s good about the decision and what isn’t. Listen to your gut. Consider the impact on others. Check the alignment. Avoid negative drivers. Seek advice. Compare the risks versus rewards. Three Decision Criteria. 30-Mar-2016