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Decision Making Essentials You Always Wanted to Know
Back cover of Decision-Making Essentials book
What you’ll learn – decision-making models, critical thinking tools
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know

Decision Making Essentials You Always Wanted to Know

A Practical Guide to Heuristics, Probability, Game Theory, Scenario Planning, & Effective Decision Making

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Description
  • Introduction to Decision Making
  • Scenario Planning and Prediction Markets
  • Group Mechanics
  • Heuristics and Programmed Decisions
  • Probability and Base Rate Neglect

Make tough decisions with this dynamic toolbox of decision analysis techniques to transform the business!

Decision Making Essentials You Always Wanted to Know prepares new managers and leaders to assess tough decisions they face- and eventually make the right choice- by providing them with a tool box of decision analysis techniques to help them understand and analyze the decisions they make.

The chapters describe key techniques of decision analysis, including:

  • Cognitive biases and Prospect Theory
  • Heuristics
  • Probability and Expected Value
  • Bayes Theorem
  • Multi-attribute decision making, including the SMART, Elimination by Aspects, and Even Swaps methods
  • Game Theory
  • Prediction Markets
  • Brainstorming and Groupthink
  • Black Swan Events

Each chapter provides clear examples of the decision making tools and includes practice examples to help train the reader in using these critical tools.

Bibliographic Details

Pages: 190 pages

Paperback (ISBN): 9781636510026

Hardback (Color): 9781636510040

Trim Size: 5.5” x 8.5”

Category: Business & Economics

Author: Mark Koscinski, Vibrant Publishers

Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Decision Making Essentials You Always Wanted to Know
Table of Contents

1. Introduction to Decision Making

Chapter Summary

Discussion Questions


2. Cognitive Processes and Their Limitations

2.1 Introduction

2.2 Information Processing Issues

2.3 Prospect Theory

2.4 Mental Accounting

Chapter Summary

Discussion Questions


3. Gathering Data: How Much is Enough?

3.1. Speed of a Decision

Chapter Summary

Discussion Questions


4. Group Mechanics

4.1. Introduction

4.2. Informal Consultations

4.3 Formal Consultations

4.4 Brainstorming

4.5 Groupthink

Chapter Summary

Discussion Questions


5. Scenario Planning and Prediction Markets

5.1. Scenario Planning

5.2. Prediction Markets

Chapter Summary

Discussion Questions


6. Heuristics and Programmed Decisions

6.1. Heuristics

6.2. Programmed Decision Making

Chapter Summary

Discussion Questions


7. Probability and Base Rate Neglect

7.1. The Law

7.2. Accounting for Contingent Liabilities

7.3 Using Probability in Decision Making

7.4 Expected Value

7.5 Decision Trees

7.6 Bayesian Inference

Chapter Summary

Discussion Questions

Test Your Knowledge


8. The SMART Method

8.1. Using the SMART Method

Chapter Summary

Discussion Questions


9. EBA and Even Swaps

9.1. Even Swaps

9.2 Other Alternatives to SMART

9.3 Will You Always Get the Same Result?

Chapter Summary

Discussion Questions


10. Sensitivity Analysis

10.1. Kicking the Tires

10.2 High-Low Sensitivity Analysis

Chapter Summary

Discussion Questions


11. Negotiating and Selling the Final Decision

11.1. Negotiations

11.2 Asymmetric Information

11.3 Coordination Problems

11.4 Game Theory

11.5 Walking Away From the Deal

11.6 Selling the Decision

Chapter Summary

Discussion Questions

Glossary

Bibliography

Author

Mark Koscinski is an assistant professor of accounting practice at Moravian College in Bethlehem, PA, where he teaches a graduate level Decision Analysis class and several advanced accounting classes. He is a certified public accountant, and holds a BA with high honors and MBA from Rutgers University and a doctorate from Drew University. Prior to joining the faculty at Moravian College, Mark was a chief financial officer of various public and private organizations in the defense contracting, toy, investment banking, and banking industries. He has over forty years of experience in the business world, and has supervised every operation of an organization including sales and marketing. Mark is passionate about sharing his knowledge with his students. His background and experience gives him a unique position to write on management topics that are easy to understand for non-MBA graduates.

Vibrant Publishers is focused on presenting the best texts for learning about technology and business as well as books for test preparation. Categories include programming, operating systems and other texts focused on IT. In addition, a series of books helps professionals in their own disciplines learn the business skills needed in their professional growth.

Vibrant Publishers has a standardized test preparation series covering the GMAT, GRE and SAT, providing ample study and practice material in a simple and well organized format, helping students get closer to their dream universities.

Series

The Self-Learning Management Series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes basic fundamentals, important concepts, and standard and well-known principles as well as practical ways of application of the subject matter.

Editorial Reviews

This is the first book that I've read that details decision-making with such depth. Mark Koscinki is able to take seemingly complicated information and break it down into short, easy-to-understand chapters, summarize the key points, and offer questions to ensure one's understanding of decision-making processes. I recommend it to those in leadership and to those aspiring to leadership roles!
-- Jacqueline Childress, Austin Community College


The greatest threat to my business success and survival in the early years was the quality of my decision making. I did not know what I did not know and that made solid decision making risky. Every poor decision provided a lesson to learn and the motivation not to make the same mistake twice. As the business grew so grew the significance of the decisions. I never tire of learning new decision making models, practicing my decision making and helping others to learn as well. Decision Making Essentials is a great way to refresh my skillfulness and develop those around me. Being a strong process decision maker has contributed to my consulting effectiveness and value-added to my client relationships.
-- Leslie Yerkes Founder, Catalyst Consulting Group, Inc.


In this unparalleled textbook, Mark Koscinski has done an excellent job providing the relevant keys to effective decision-making. By providing the necessary details of transforming decision-making into success, Mark Koscinski takes the simple art of choosing into a science that allows managers to consistently make those choices that benefit the workplace.
-- Sonja B. Wilson, President at Wilson's Professional Training Services, Inc.


As a college professor I am constantly looking for ways to incorporate decision making skills into my classes and this is the perfect book. My students are provided with a flexible system that makes sense in today's world. My students will be able to learn how to make decisions based on the theory we are learning!
-- Heather Nestorick, Luzerne County Community College


I think the book is a great addition to the Management Series. The author has included numerous examples to illustrate the concept which makes it easier to understand and follow. Some of the chapters seem to be a bit technical but overall the book is quite helpful for a beginner or businessman to successfully accomplish his decision making responsibilities.
-- Tony Ruscitto, Corporate Director of HR, Fitzpatrick Hotel Group, North America

Supplemental Resources

Online Resources

Instructor Resources

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  • 5 stars: 33 (67%)
  • 4 stars: 16 (33%)
  • 3 stars: 0 (0%)
  • 2 stars: 0 (0%)
  • 1 star: 0 (0%)
R
Ravi Mehta

This book is a fantastic resource for anyone involved in making strategic decisions. It covers all the critical aspects of decision-making, from analyzing data to weighing risks.

N
Napat Thanawong

The case studies and examples are very relatable, and the author's writing style makes even complex topics easy to understand.

L
Leyla Aliyeva

A well-structured and informative guide to decision-making. The chapters on data analysis and forecasting were eye-opening, providing new perspectives on how to approach complex business decisions.

J
Jessica Moore

Decision Making Essentials You Always Wanted to Know is a comprehensive and insightful guide. It simplifies complex decision-making processes, offering practical tips and real-world examples. Highly recommend this book!

M
Mehmet Kaya

I found Decision Making Essentials to be incredibly useful. The concepts are clearly explained and easy to apply in various business situations.

N
Narmin Aliyeva

This book offers excellent insights into making better decisions under pressure. I found the techniques discussed very helpful for both short-term and long-term decision-making. Its a must-read for those in leadership positions.

C
Chatri Supachai

A great guide for anyone looking to refine their decision-making skills. The book is easy to understand and presents a variety of techniques that can be applied in real-life situations. I particularly liked the sections on weighing risks and benefits.

M
Michael Bennett

This book provides a clear and practical approach to decision-making. I really appreciated the structured methods it offers for analyzing complex situations and making sound decisions. Its a valuable tool for both professionals and students.

A
Ananya Gupta

An insightful read! This book simplifies decision-making processes and gives practical strategies to apply in business and personal contexts. It helped me understand how to evaluate options effectively and make more informed choices.

H
Hasan Demir

As a manager, I found this book very useful. It breaks down the decision-making process into manageable steps and offers real-world examples that help apply the concepts. Highly recommended for anyone looking to improve their decision-making skills.

P
Phanupong R.

A valuable resource for those seeking to improve their decision-making process. The book is filled with practical advice and real-life examples that make the concepts easy to apply.

A
Ali A.

I found the book very insightful, especially when it comes to group decision-making. It's perfect for managers looking to build consensus within teams.

N
Nurlan H.

The case studies and examples make this book stand out. It's a great resource for anyone involved in leadership or management.

S
Siddharth J.

A must-read for anyone in a leadership role. It offers a deep dive into the decision-making process and provides useful tools to enhance decision quality.

F
Fatima M.

The strategies presented in this book are simple but powerful. It has helped me improve my decision-making both at work and in my personal life.

A
Anjali T.

A very well-written book that breaks down decision-making into simple, understandable steps. Perfect for both beginners and experienced professionals.

V
Vichai K.

I highly recommend this book to anyone who wants to sharpen their decision-making abilities. The insights are very practical and easy to implement.

T
Tom H.

This book is a game-changer! It helps you understand the thought process behind making strategic decisions and how to avoid common pitfalls.

R
Rahul P.

This book is perfect for anyone looking to improve their decision-making skills. The concepts are easy to understand, and the examples are very relevant.

Y
Yusuf K.

This is a great book for anyone who wants to learn how to make better decisions. It covers all the important aspects, from problem identification to solution evaluation.

D
David M.

The book offers a clear, structured approach to decision-making. It's practical, concise, and full of actionable advice.

N
Nigar R.

I found this book extremely useful, especially the sections on analytical tools. It provides a strong foundation for making informed decisions in both business and personal settings.

S
Serkan D.

Great for managers and professionals who have to make tough decisions regularly. It's packed with helpful insights and strategies to navigate decision-making.

K
Kanya S.

An excellent resource that covers the essentials of decision-making with real-world examples. It's an engaging read and very informative.

J
Jessica L.

A brilliant guide that helps break down the complexity of decision-making. It provides practical tools and techniques to approach decisions systematically.

A
Aliya Gurbanova

Decision Making Essentials covers all the fundamental aspects of making informed decisions. The book is well-organized and easy to follow, making it a valuable asset for both students and professionals.

E
Emily Watson

Decision Making Essentials You Always Wanted to Know is a concise and informative guide on decision-making processes. It offers practical tools that can be applied to both personal and professional decisions. I found the step-by-step approach very useful!

R
Ravi Kapoor

This book is a great resource for anyone wanting to improve their decision-making skills. It presents various decision-making models in a clear and easy-to-understand format. The real-life case studies make it even more relatable.

S
Selin Kaya

An excellent book that simplifies complex decision-making frameworks. I particularly appreciated how the author breaks down cognitive biases that affect decisions. A must-have for managers and business leaders.

P
Phan Anong

I enjoyed reading this book because it offers actionable advice for improving decision-making skills. The author explains various strategies in a simple way that anyone can implement in daily life. Highly recommended for anyone in a leadership position.

S
Suriya Wongchai

An excellent resource for understanding the fundamentals of decision-making. The book is well-structured and easy to follow, with plenty of real-world examples. It has certainly improved my ability to make sound decisions both professionally and personally.

P
Priya Sharma

This book provides a comprehensive understanding of decision-making processes. It blends theory with practical examples beautifully, making it easy to apply in real-life situations. A must-read for anyone looking to enhance their decision-making skills.