Reference no: EM132159648

Comment this discussion in 2 paragraph or more ?

Consider Munger’s thoughts on the importance of mental models. Respond to the following:

In your own words, describe what Munger means by mental models.

The models Munger refers to are more a framework to build individual knowledge on. These models give context to things we learn through school or experience. As he says “If the facts don’t hang together on a latticework of theory, you don’t have them in useable form.” The mental model gives the facts relevant context and allows them to be more easily remembered and applied.

Examine how Munger’s concept of mental models has changed your ideas of decision making in investment management and business.

The part that stood out the most to me was when Munger was talking about Carl Braun. Braun’s rule at the Braun Company is something that I would like to implement and it’s something that seems so simple. If you are managing you should be able to identify and communicate who is going to do what, where, when and why. This is something that ineffective managers either don’t understand or feel they don’t need to share with their team. Now even though implementing something like this seems simple, Braun had to have the threat of being fired at his company to successfully do it.

Describe at least one example from your own experience where your perspective or experience provided a mode of thought that brought new light to a discussion or a tough decision.

In my current role as a customer service representative dealing with small commercial insurance, I am able to pull knowledge I gained as a personal lines insurance agent and use that as a basis to build my new skills. Many of the concepts are similar between the two disciplines of insurance. This helped many times during training when my classmates had trouble or go caught up I was able to explain the situations. This also helps as I am able to identify potential problems before they present themselves due to experience gained and problems I’ve faced in the past.

Explain how this experience has affected your decision-making process.

This experience allows me to think ahead and avoid making mistakes that someone who is new to the job would make. My risk assessment and problem solving are all faster than if I had no experience in the field.