Smart Choices
Smart Choices by John Hammond, Ralph Keeney, and Howard Raiffa
Smart Choices centers on the belief that every business is the sum of its decisions. The better the decisions, the better the business.
The authors present a detailed yet approachable system that makes the decision-making process creative, thorough, and precise.
The authors’ process for making smart choices includes:
- Work on the right “decision problem”
- Define your objectives
- Create imaginative alternatives
- Understand the consequences
- Grapple with tradeoffs
- Clarify your uncertainties
- Think hard about your risk tolerances
The authors say most important step is creating imaginative alternatives because the final choice will only be as good as the alternatives considered.
In addition to the process, the authors share valuable insights about the psychological challenges and traps of making and committing to a decision.
Related posts: