The Path to Better Decisions: Strategies for Effective Choice-Making

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Did you ever know that....

50% of decisions made in business are incorrect?
Only 48.3 percent of U.S. workers are satisfied with their jobs?
Only 20% of respondents in a McKinsey Global Survey said their organizations excel at decision-making?

The Importance of Good Decisions

There is a tremendous need for good decision makers in today’s world. People are needed who have the ability to make decisions quickly and responsibly. While everyone has to make decisions, it is amazing how little is known about how to make a good decision. Most decisions are made without any idea of the decision-making principles.

It is estimated that about one-half of the decisions made in business are incorrect. With better decision-making skills, the percentage of correct decisions would undoubtedly rise.

You should think multidisciplinary, the way of the greatest in history:

"Don't spend a dollar's worth of time on a ten-cent decision."

- Albert Einstein

"The most important decisions you make are not the things you do, but the things you decide not to do."

- Steve Jobs

"Life is a matter of choices, and every choice you make makes you."

- John C. Maxwell

"A good decision is based on knowledge and not numbers."

- Plato

“You can’t make decisions based on fear and the possibility of what might happen.”

- Michelle Obama

“There is no decision that we can make that doesn’t come with sort of balance or sacrifice.”

- Simon Sinek

The Path to Better Decisions

The book, first, helps you to understand your own approach. To make it easier, there is a simple exercise which really helps you be aware of it more conveniently.

After realising your own approach to decision making, the book helps you to broaden your knowledge concerning to different aspects of Decision Making. There are several points of view which lead you to a better decision making:

First aspect is regarding to rationality, utility theory, maximising your own utility, and limitation of rationality approach.
Secondly, it covers the psychological perspective. In this section, you will deepen your knowledge about bounded rationality and heuristics, how framings the problems will affect our view to the problems and some more crucial topics.
Thirdly, the book helps you to know more about the sociological perspective about the decisions and how your decisions will affect the people you are in contact to. As well, it goes through the social pressures which affect your decision making and helps you to deal with the social pressure.

Finally, in the last two chapters, it will be discussed about the risks, the inevitable part of making any single decision, prospect theory and its implications, what is an effective decision, and how to avoid the traps of decisions.