Decision traps russo ebook

By carrying out a quick initial assessment, The must-read summary of J. Robbins identifies the major roadblocks that stand in the way of making high-quality decisions--and shows readers exactly how to overcome them. There's also live online events, interactive content, certification prep materials, and more.

You can't trust your own mind. We all make idiosyncratic mistakes in our individual decisions, but we share some common flaws that lead us into decision traps. In fact, the more mutual respect and personal bonding there is in such groups, the more powerful the effect of groupthink.

We often do not realize how we slip into being agreeable with those we like or wish to like, or be liked by , and our thinking becomes heavily biased. Many studies have shown that people will suppress all evidence to the contrary when they have a subconscious desire to fit in with others.

No one see the Bay of Pigs is immune to this effect. Best group thinking, then, happens when a group consists of team members who are very different in their experience, perspective, even personality type.

It is crucial to encourage an atmosphere of, well, disagreeability so that all possible viewpoints might be considered. Another fascinating point to me is the ineffectiveness of hindsight. That is, why do we not learn from experience? Why has humankind learned so little from history, repeating the same mistakes again and again and again? Russo and Schoemaker basically state that hindsight is without value. The day-after discussions of sports come to mind.

And it often hampers learning from experience. Indulging in hindsight only increases the possibility of making future faulty decisions. Why then do we so waste time in this indulgence? Human nature craves control, the authors write, and so we pretend to understand what we cannot, and that something could have been averted or changed when it could not.

Again, the authors remind us, note the need to control what is often beyond our control. We must be ever vigilant of our weakness in trying to rationalize away our own faults and weaknesses. It is, again, human nature to take credit for our successes while blaming our failures on outside factors. Rather than facing up to our mistakes with ruthless honesty, we tend instead to minimize and avert our own honest gaze, and so doom ourselves to remain as we are, not learning from our mistakes, but rather deepening our tendency to repeat them.

We may distort our memory of what we actually did or said; unrealistically blame the failure on others or on supposedly unforeseeable circumstance; say our original prediction was misunderstood or misinterpreted; change our current preferences so the failure seems less important … But rationalizations benefit us only in the short-run. You can learn from mistakes only if you acknowledge them. There may be merit to making quick decisions, especially if one does have broad and expansive life experience, but our internal biases are very real, and to be aware of them, and other factors in our decision-making, can be very valuable indeed, in our work as well as our personal lives.

View all 3 comments. Nov 17, Rodrigo Nemmen rated it it was amazing. A practical guide on decisions. Applied behavioral economics. A lot to unpack here. A lot of insights. Now I just need to apply all the theory.

Oct 16, Charnveer Gosal rated it really liked it. Feb 20, John rated it really liked it. Good overview of the decision making process. Published by Fireside, Contact seller. Seller Rating:. Used - Softcover Condition: Good.

Within U. Quantity: 1. Condition: Good. Item in good condition. Textbooks may not include supplemental items i. CDs, access codes etc. Condition: GOOD. Spine creases, wear to binding and pages from reading. May contain limited notes, underlining or highlighting that does affect the text.

Possible ex library copy, will have the markings and stickers associated from the library. Accessories such as CD, codes, toys, may not be included.

Light rubbing wear to cover, spine and page edges. Very minimal writing or notations in margins not affecting the text. Possible clean ex-library copy, with their stickers and or stamp s. Published by Doubleday Business, Used - Hardcover Condition: Very Good.