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Smart Choices: A Practical Guide to Making Better Decisions
 
 

Smart Choices: A Practical Guide to Making Better Decisions [Paperback]

John S. Hammond , Ralph L. Keeney , Howard Raiffa
4.6 out of 5 stars  See all reviews (25 customer reviews)
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Have you ever hired someone only to regret your decision two months later? Or looked at your financial portfolio and wondered why you bought the stocks you did? In Smart Choices, authors John S. Hammond, Ralph L. Keeney, and Howard Raiffa take the guesswork out of the decision-making process and offer a systematic approach to making the right choice. Most of us have problems making decisions, because we've never learned how. The authors write:
Despite the importance of decision making to our lives, few of us ever receive any training in it. So we are left to learn from experience. But experience is a costly, inefficient teacher that teaches us bad habits along with good ones. Because decision situations vary so markedly, the experience of making one important decision often seems of little use when facing the next.
Smart Choices outlines eight elements involved in making the right decision, from identifying exactly what the decision is and specifying your objectives to considering risk tolerance and looking at how what you decide on today influences what you may decide in the future. The book is full of real-life situations and scenarios that effectively illustrate each element of a good decision. If you think the topic of making the right choice is mundane or a simple matter of common sense, then think again. Smart Choices will relieve you of the regret that so many of us carry because we didn't know how to "think it through." --Harry C. Edwards --This text refers to the Hardcover edition.

From Publishers Weekly

In 1966, the Lovin' Spoonful had a #2 hit with "Did You Ever Have to Make Up Your Mind?" Two years later, Raiffa answered that question for a generation of academics with his book Decision Analysis, whose argumentAthat decision-making skills can be learned and applied as a discipline of their ownAmade Raiffa deeply influential in management and social science. Raiffa (a former professor at Harvard Business School), his longtime associate Hammond (a professor of management and engineering at the University of Southern California) and Ralph Keeney (The Art and Science of Negotiation) here explain decision-analysis techniques and stratagems for the benefit of nonspecialists. They provide substantial, straightforward explanations of concepts (risk tolerance, sunk costs, desirability curves) that sound arcane but may help readers to buy the right car, choose a mutual fund, decide on a school, or plan a vacation. Unfortunately, the lingo of self-help often substitutes for the jargon of management consulting, as when Raiffa's famous five decision steps become the trendy acronym PrOACT. And the example problems can seem clich?d, two-dimensional or implausible, even when based on fact. Nevertheless, recommendations like "Remember that the value of an incremental change depends on what you start with" and "Make sure your subordinates reflect your organization's risk tolerance in their decisions" are, at the least, good reminders that the logic of decision making is often counterintuitive; at best, they are an important, useful set of insights.
Copyright 1998 Reed Business Information, Inc. --This text refers to the Hardcover edition.

Inside This Book (Learn More)
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OUR DECISIONS SHAPE OUR LIVES. Read the first page
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Customer Reviews

25 Reviews
5 star:
 (18)
4 star:
 (5)
3 star:
 (1)
2 star:    (0)
1 star:
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Average Customer Review
4.6 out of 5 stars (25 customer reviews)
 
 
 
 
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5.0 out of 5 stars Would you tell me please which way I ought to go from here?, May 10 2004
This review is from: Smart Choices: A Practical Guide to Making Better Decisions (Paperback)
`Would you tell me, please, which way I ought to go from here?' said Alice.

`That depends a good deal on where you want to get to,' said the Cat.

`I don't much care where--' said Alice.

`Then it doesn't matter which way you go,' said the Cat.

Alice's Adventures in Wonderland by Lewis Carroll

Decision-making is the most fundamental life skill that unfortunately isn⤙t taught properly in schools, high schools or universities. The more we get familiar with art and science of decision-making and be skillful in using it, our move in the path towards success and progress will be more facilitated and secure and definitely our quality of life will improve. No doubt such knowledge has many uses. Perhaps we forget some stuff that we learn during schooling because they do not do anything for us and virtually have not any impact on our life. However, decision-making is useful not only in sensitive and fate making stages of our life but also in betterment of day-to-day activities and making smart choices. All of us have "got stuck" in a crossroad or many roads. In such circumstances we usually try to follow the best road through mimicking other people's decision-making method or simply asking for their help. In addition we are always told: ⤽before making a decision you⤙d better think twice and consider all the possible aspects and weigh the pros and cons". But such advises are vague and motherhood and apple pie words. Nevertheless, living with uncertainty and the great demand for creativity and innovation are the features of today world. Therefore, any method or tool that can help us extend our thought horizons to face such complex conditions would be of great value. By using these tools we can figure out which things are important for us and by focusing on these values make our decisions with comfort. One of good points of focusing on values and not get limited to available alternatives is that we get rid of wrong and reactive attitudes and instead hunt for decision opportunities so we can proactively enhance our quality of life day by day. I as a person who recently translated Value-Focused Thinking by Ralph Keeney into Farsi found my autographed copy of Smart Choices very much appealing. Dr. Keeney and his colleagues have produced an outstanding user-friendly guide to help people enhance their knowledge of decision-making. This book is a must for everyone who feels ⤽have gotten stuck⤠in many crossroads and do not well know how to think twice and consider all the possible aspects and weigh the pros and cons.

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3.0 out of 5 stars Good Info, Poor Presentation, Feb 20 2004
By 
This review is from: Smart Choices: A Practical Guide to Making Better Decisions (Paperback)
The information presented in the book can be used to make vast improvements in decision making. The problem is that the book is difficult to read because it is pretty boring. The examples used in the book do little to enhance the reading.

If you have to read a book on decision making, and can focus on something that's pretty boring, you should give this one a try.

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4.0 out of 5 stars Indeed a practical guide, Oct 17 2003
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This review is from: Smart Choices: A Practical Guide to Making Better Decisions (Paperback)
This book is able to break down the decision making process into logical steps so that one can actually consciously think about it when faced with a decision.

Some of the ideas are very simple and fundamental and we probably used them without thinking. What this book succeed in doing was to show how to look at the whole picture and how the ideas fit in.

It was a good idea to used the home buying example though the process to illustrate the initial steps. However it would be better to use a consistent example for the last few topics as well.

Was thinking that it would be nice to have a neat one page illustrated road map that can be pulled out and pasted in front of the desk.

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