Reference no: EM131700617

Question: How Do You Make Decisions?

Pick a decision you made recently that has had important consequences for you. It may be your decision about which college to attend, which major to select, whether to take a part-time job, or which part-time job to take. Using the material in this chapter, analyze how you made the decision:

1. Identify the criteria you used, either consciously or unconsciously, to guide your decision making.

2. List the alternatives you considered. Were they all possible alternatives? Did you unconsciously (or consciously) ignore some important alternatives?

3. How much information did you have about each alternative? Were you making the decision on the basis of complete or incomplete information?

4. Try to remember how you reached the decision. Did you sit down and consciously think through the implications of each alternative, or did you make the decision on the basis of intuition? Did you use any rules of thumb to help you make the decision?

5. In retrospect, do you think your choice of alternative was shaped by any of the cognitive biases discussed in this chapter?

6. Having answered the previous five questions, do you think in retrospect that you made a reasonable decision? What, if anything, might you do to improve your ability to make good decisions in the future?