Decision Making

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One of the main points covered in chapter 8 of the textbook dealt with decision-making. This can be summarized as making a selection from a number of possible options. People tend to make their decisions based on the different beneficial factors of each option. It is obvious that one or two decisions can the most influential factor(s) in our lives. For example, choosing to go to college and pursue a degree or attempting to find a well paying job right out of high school.

The best way to make a decision is to contemplate the pros and cons of each option and then make an educated decision based on those factors. Unfortunately, we live in such a fast paced world that many people tend to just make a quick decision rather than take the time to slow down and make sure the right choice is made.

An example of poor decision making in my life was when I went to the casino. I told myself beforehand that my limit would be $90 and I would not play anymore if I lost that. Naturally, I lost that $90 and kept telling myself that if I just had $20 more I could get it all back. I went to the ATM in the casino 4 times to withdraw $20 and each time I did so I lost that $20 within 10 minutes. I also racked up $12 in ATM fees. I ended up losing $192 that night because of my poor decisions. I was making decisions based on emotion rather than logic and it cost me quite a bit of money.

The bottom line is that decisions should be made using logic by measuring out the pros and cons of each option so that the right choice is made.

Decision Making process: http://www.robustdecisions.com/decision-making-tools/decision-making-process-steps.php

Obama's Decision Making Process: http://www.youtube.com/watch?v=H3HmwVOMVFo

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This page contains a single entry by janow031 published on October 23, 2011 9:10 PM.

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