Winning depends on quality of decisions you make
April 03, 2012 3:07 AM
by T. Dana Smith
Winning at gambling, in business, or in your personal relationships depends upon the quality of your decisions. They need to be awesome, not average and not awful.
Whether your decision-making style is pragmatic, analytical, amiable or extroverted, Roger Dawson (Confident Decision Making) explains several techniques for making quality decisions.
• Coin Toss. Use it for simple go/no-go decisions only, such as whether to dine at Boulder Station or Arizona Charlie’s.
• Check Listing. Companies use this one for simple yes/no decisions such as extending you credit. Make a list of standards that must be met for you to proceed with a given decision. Then check off each standard your decision meets. Not enough checks? Scratch off that decision and proceed to an alternative.
• Quantified Evaluation. Make separate Pro and Con lists for a difficult decision and then rank each item 1-10. Tally the points on each list and divide them by the number of factors on each one. The list with the highest average is your best decision.
• Ben Franklin Approach. Again, make two lists: Pro and Con. This time, match up the positives and negatives in their importance to you. When you see a Pro that equals a Con in importance, strike out both of them. If one Pro equals two Cons, cross them all off, and so on. The side that strikes out first loses.
• 1-10 Rating. When you must choose between only two alternatives, give each a rank of 1-10 to break your mental deadlock. Do you enter the pot or not? Do you bet on the fight or just watch it on TV?
• Report Card. Make three columns. In column 1, list the 10 things most important to you about the decision. In column 2, rate Choice A against all 10 factors. Do the same for Choice B in column 3. Go with the choice that gets the highest rating.
• Handicapping. When your decision involves multiple choices, first list your objectives in column A. Then make several columns with headings such as "Scale of Importance To Me" (1-10); My Likelihood of Attaining This Objective; and so on. Rank each decision’s ability to meet your objectives and tally their scores. The one with the highest total wins – and assures you of getting the Gambler’s Edge.