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.