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Decision making strength and weakness
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Our decisions should be well thought out and reckless ones should be avoided, no matter if “most of the smart ones get away” or
What are the consequences of a particular choice? How may changes in decision-making environment affect choices?
Often many choices can be communicated and order to make a decision and avoid judgment (Weber & Johnson,
Since the dawn of humanity, people have acted with various intentions and various degrees of judgement. For centuries, people have considered the necessity of considering the outcomes before action. In “The Rime of the Ancient Mariner”, Samuel Taylor Coleridge argues that one should avoid impulsive action. Similarly, Frankenstein by Mary Shelley concerns the importance of contemplating the outcomes before action. One should never act without consideration, instead avoiding impulsive behavior.
In “The Choice Explosion” by David Brooks, the author describes the state of decision-making skills and how they have affected life in recent years, specifically in America. Brooks begins with a description of a social psychology experiment on Japanese and American college students and the decisions they wanted to make for themselves. The results showed that the American students wanted to decide in four times more areas than the Japanese students. Brooks then makes the conclusion that this is the result of American individualism; this individualism has provided more choice and control over everyday life. However, the author also points out that arriving at good outcomes is no easy task, even for qualified decision makers.
It is also important to acknowledge the difference between unwise decisions (which a person has the right to make) and decisions based on a lack of understanding of risks, or an inability to weigh up information relevant to a
There are four major decision-making models- rational, bounded rationality, incremental and garbage can models. In the following, pros and cons of each model will be discussed and explain why Incremental and Garbage Can Models can best describe the decision made during the Cuban Missile Crisis. Rational model is a cognitive process, which the decision-makers run through rational steps. The steps refer to definition of problems, identification and evaluation of alternative policies, implementation of the best policies among all and finally monitoring of effects, ran through a unitary decision-maker (Taylor, 1998). Theoretically, the model can search for the best solution to the problem based on the comprehensive consideration.
In using the theory of preference utilitarianism, making decisions is much simpler. One does
Because of this impression they tend to balance their decisions – accepting both failure and success (Sedikides, Campbell, Reeder, and Elliot,
Everyday, people are faced with the task of making decisions. Most people decide when to wake up, what to eat, what to wear, who to interact with, and countless other choices. In a world surrounded by choices, people are confronted with easy-to-make and, conversely, challenging decisions. A decision can be influenced by one’s own experience, logic, and feelings. Making a decision is synonymous with a result; whatever choice one accepts, results in a particular outcome.
One of those most challenging areas I have experience during my current placement is ethical decision-making. We studied many possible scenarios during our Values, Ethics and Professional Issues class, and discussed the various types of decision-making models to help guide us when having to make difficult decisions. While the class was invaluable, because it helped me identify my own biases, and also shed light on how I have made decisions in the past and how I can possibly make decisions in the future, I knew that having to make real-life decisions would not be so cut and dry. This placement has been challenging for me, because my ongoing assignment with one of my supervisors requires constant ethical decision-making, sometimes even in the
Psychology is defined as “the scientific study of the mind and behavior” (Introduction to Psychology, 2015). Psychology provides an overview of biology and behavior, sensation and perception, learning, memory, intelligence, language, motivation, emotion, abnormal psychology, and therapy (PSY 102 Course Syllabus, 2018, pg 1). Because psychology allows for a better understanding of how the mind and body work, this knowledge can be beneficial for any field of study or career. The theoretical and practical understanding of the basics of psychology can help with decision-making, critical thinking, stress management, time management, better understanding of others, improving communication, and even achieving goals and objectives, all components that allow someone to be more successful throughout their life. Throughout this course I hope to gain a greater understanding of historical and theoretical perspectives of human behavior and development (PSY 102 Course Syllabus, 2018, pg 2).
Fundamentals of Cognitive Psychology 3rd Edition. Sage, 341-342. Lizárraga et al. (2007). Factors that affect decision making: gender and age differences.
Self -Reflection on Module 8.2a Financial Management Before the commencement of the sub-module 8.2, we were supposed to choice either 8.2a (Financial Management) or 8.2b (Investing Social Security Reserves), because the sub-module is divided into two. I have decided to take the sub-module 8.2a, and during online VC sessions, I have had gained some basic knowledge from this subject (Financial Management). For me, this is the first time I had chance to learn about the subject, before that I have just heard some information about financial management only from a friend who studied Accounting and working as Auditor at Association of Chartered Certified Accountants (ACCA) consultancy in Ethiopia. From the beginning I am so much eager and impressed
REFLECTION PAPER IN INVESTMENTS AND INVESTMENT PORTFOLIO As they say, "Money isn't everything, but happiness alone can't keep out the rain. " It is often said that money is not the most important thing in the world. Despite of this, we still need to understand the true value of money. Money, in and of itself, is not very spectacular.