Summary
Contents
Subject index
If you're serious about making better decisions in your business and your life, read this book and discover the hidden psychological, biological and physiological factors influencing the decisions you make. Expert author Steve Williams shows how an awareness of these influences can improve the quality of the decision-making process and increase creativity and innovation. Insightful and easy to read, "Making Better Business Decisions" will help you: Analyze options more clearly and creatively Reduce decision time Recognize and focus on priority decisions Understand why and how others make the decisions they do
Perceptions of Risk and Decision Making
Perceptions of Risk and Decision Making
As outlined earlier, the way we frame a situation influences our decisions. Our responses are different when we perceive decisions in terms of losses rather than gains—we seek risk when facing guaranteed losses but avoid risk under conditions of guaranteed gain (Kahneman & Tversky, 1973). But what is risk? What makes some decisions more risky than others?
Most of us agree that risk essentially deals with uncertainty. We characterize risky decisions as those that entail greater amounts of uncertainty (such as “a shot in the dark”), whereas “safer” decisions are generally viewed as those whose outcomes are more predictable and likely (such as “a sure thing”). All of us, especially those in business, are constantly ...
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