There are no discussion topics on this book yet. Making smart choices is a fundamental life skill, relevant to anyone: managers, doctors, lawyers, teachers, students, parents, young, old. You can get the book here on Amazon or read the summary of the book here. This book is most interesting in the world. A lot of it still comes down to gut feeling, but by laying all of the data points out and making tradeoffs, it still feels good to have seemingly accounted for all of the known variables. To help you stock that Want to Read shelf, we asked... To see what your friends thought of this book. Your decisions will shape and influence the course of … Download books for free. Smart Choices: A Practical Guide to Making Better Decisions. In summary, they are set out in each chapter as: ... process and skills attached wise decision-making. The book seemed to be a lot of common sense. In this case, you have to score each alternative (the assumption being that some alternatives have potentially better and worse outcomes that overlap in desirability with another alternative’s potential outcomes.). Although a bit dry at times, Smart Choices offers numerous practical guidelines and exercises to help make important decisions wisely. It’s important to try and list all possibly relevant objectives to help you guide your decision. Although many of the concepts are not novel, the power is that the book links various tools … Start by marking “Smart Choices: A Practical Guide to Making Better Decisions” as Want to Read: Error rating book. A great way to visualize the uncertainty is with a decision tree. Refresh and try again. Don’t try to evaluate the alternatives just yet, focus on generating as many as possible. In "Smart Choices," John Hammond, Ralph Keeney, and Howard Raiffa--experts with over 100 years of experience resolving complex decision problems--offer a proven, straightforward, and flexible roadmap for making better and more impactful decisions… Good and logical process for making decisions. Welcome back. Their step-by-step, divide-and conquer approach will teach you how to: Evaluate your plans; Break your potential decision into its key elements; Identify the key drivers that are most relevant to your goals; Apply systematic thinking; Use the right information to make the smartest choice. Include both quantitative and qualitative objectives. (source: Nielsen Book Data) Summary Making smart choices is a fundamental life skill, relevant to anyone: managers, doctors, lawyers, teachers, students, parents, young, … Great starting point to increase your decision-making skills! There are some examples in the book to help you understand the concepts and overall it works well in presenting its information. Very practical information but very wordy. I think this should be a required or recommended read for high school seniors or college freshmen. Write down a free-form description about the consequences of this particular alternative. He died from Parkinson's disease on July 8, 2016 at the age of 92. While we focused before on quantity for both objectives and alternatives, if you have a ton of items, it’s worth condensing a bit as this next section will otherwise be rather time-consuming. it’s not like of the consequences is “Death” because it kind of throws everything else off), Accounting Firm total score: 72 (NYC’s 80 * 0.9 + Santiago’s 0 * .1), Consulting Firm overall score: 62.5 (50 * .75 + 100 * .25), Final decision: take the accounting firm because its score (72) is higher than the consulting firm’s (62.5). This book, Smart Choices, and … What would constitute a best-case scenario for your decision? Here is where you look at how your alternatives will play out. A Practical Guide to Making Better Decisions. The authors coined this somewhat helpful acronym: PrOACT, which stands for Problem, Objectives, Alternatives, Consequences, Tradeoffs. View Notes - SmartChoices from MBA 515 at SUNY Oswego. It focuses on generating the right question and then eliminating options. To get the most accurate consequences, use these techniques: Decisions with multiple objectives cannot be resolved by focusing on any one objective – there are always tradeoffs. Author: John S. Hammond, Ralph L. Make tradeoffs using even swaps – a technique suggested back in 1772 by Ben Franklin. The book also discusses creating utility curves for evaluating specifically quantitative risk decisions (like investing money) which I’m going to skip over. Smart Choices: A Practical Guide to Making Better Decisions John S. Hammond, Author, Ralph L. Keeney, Author, Howard Raiffa, Author Harvard Business School Press $35 (244p) ISBN 978-0-87584 … The process I learned was adapted from Hammond, Keeney, and Raiffa’s book, Smart Choices – A Practical Guide to Making Better Life Decisions. The key is to ask “How?”. Required fields are marked *. Without the illustrative narratives, it would have been challenging to understand their recommended actions. I thought the model was sound and there were some good examples of application. How can we be consistent and confident in our decisions? Although I only read part of this book, I found it very helpful when I was faced with some important life changing decisions. A Roadmap to Smart Choices About the Authors. They described how to make a decision using the PrOACT model in the book Smart Choices: A Practical Guide to Making Better Decisions. Assign desirability scores to all consequences (0-100), Calculate each consequences contribution to the overall desirability of the alternative (chance * score), Calculate each alternative’s overall desirability score (sum of all chance * score), Compare the overall desirability score associated with the alternatives and choose (compare sums), 80 on Desirability Score (based on salary, projects, location), Share the risk with others (less upside, but also less downside), Diversify the risk (similar to sharing risk), Hedge the risk (create ways where you might benefit a bit from the “bad thing” happening), Insure against risk (spend a small amount to prepare against big bad stuff), Anchoring – first thoughts/ideas often become the “set point” for later thinking, Status Quo – people tend to want to keep things the same, Sunk Cost – people often keep going down a certain path because they feel too invested to change course, Confirmation – be careful not to seek evidence that merely supports your desired choice, Framing – thinking about things from a different angle or perspective often changes the decision, Overconfidence – people are often too sure of their intuitions/judgments (and underestimate the chances they may be wrong), Recallability trap – it’s easier to remember uncommon but dramatic things than common but mundane things, Base-rate – don’t extrapolate based on less relevant features, Prudence – people sometimes slant their estimates “just to be safe”, Pattern matching – we sometimes find patterns where none exist, especially in random phenomena (dice), Surprised by Surprises – some coincidences are not actually that uncommon (2 ppl with same birthday in group of 30). 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