Decision Making Exam – Decisive ACTUAL
QUESTIONS AND CORRECT ANSWERS
we are terrible at making (especially important) decisions - Correct answers✔✔•We think we are
good at it.
•We love to jump to conclusions based on limited information (Clive is struggling).
•Most people don't like their career choice
•Most business decisions don't add value for stakeholders(83%!)
•We love to "trust our gut" but it is often wrong.
WHY are we terrible at making (especially important) decisions - Correct answers✔✔1. We are
not "programmed" to make complex decisions
2. It takes hard work! And we hate hard work!
4 villians of decision making - Correct answers✔✔narrow framing
confirmation bias
short term emotion
overconfidence
narrow framing - Correct answers✔✔unnecessarily limiting our options to "this or that"
-try to think about this AND that
, confirmation bias - Correct answers✔✔seek out information that bolster out beliefs
-do the opposite. appoint a devil's advocate
short term emotion - Correct answers✔✔our current "feelings" get in the way
-try to give the decision some distance
overconfidence - Correct answers✔✔we are convinced our guts are right
-follow a process and use data wherever possible
WRAP process - Correct answers✔✔-Widen your options
-Reality test your assumptions
-Attain distance before deciding
-Prepare to be wrong
What phrase should be an alert that you or someone else is using a narrow frame? - Correct
answers✔✔"Should I or shouldn't I?"
(teenagers!) (business too!! - Gatorade and Snapple)
What are some techniques for avoiding a narrow frame? - Correct answers✔✔1.Think about the
opportunity cost (Eisenhower)
QUESTIONS AND CORRECT ANSWERS
we are terrible at making (especially important) decisions - Correct answers✔✔•We think we are
good at it.
•We love to jump to conclusions based on limited information (Clive is struggling).
•Most people don't like their career choice
•Most business decisions don't add value for stakeholders(83%!)
•We love to "trust our gut" but it is often wrong.
WHY are we terrible at making (especially important) decisions - Correct answers✔✔1. We are
not "programmed" to make complex decisions
2. It takes hard work! And we hate hard work!
4 villians of decision making - Correct answers✔✔narrow framing
confirmation bias
short term emotion
overconfidence
narrow framing - Correct answers✔✔unnecessarily limiting our options to "this or that"
-try to think about this AND that
, confirmation bias - Correct answers✔✔seek out information that bolster out beliefs
-do the opposite. appoint a devil's advocate
short term emotion - Correct answers✔✔our current "feelings" get in the way
-try to give the decision some distance
overconfidence - Correct answers✔✔we are convinced our guts are right
-follow a process and use data wherever possible
WRAP process - Correct answers✔✔-Widen your options
-Reality test your assumptions
-Attain distance before deciding
-Prepare to be wrong
What phrase should be an alert that you or someone else is using a narrow frame? - Correct
answers✔✔"Should I or shouldn't I?"
(teenagers!) (business too!! - Gatorade and Snapple)
What are some techniques for avoiding a narrow frame? - Correct answers✔✔1.Think about the
opportunity cost (Eisenhower)
