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Decision theory

Decision theory
Normative and descriptive decision theory[edit] Since people usually do not behave in ways consistent with axiomatic rules, often their own, leading to violations of optimality, there is a related area of study, called a positive or descriptive discipline, attempting to describe what people will actually do. Since the normative, optimal decision often creates hypotheses for testing against actual behaviour, the two fields are closely linked. Furthermore it is possible to relax the assumptions of perfect information, rationality and so forth in various ways, and produce a series of different prescriptions or predictions about behaviour, allowing for further tests of the kind of decision-making that occurs in practice. In recent decades, there has been increasing interest in what is sometimes called 'behavioral decision theory' and this has contributed to a re-evaluation of what rational decision-making requires.[1] What kinds of decisions need a theory? Choice under uncertainty[edit] Related:  Education plan`test 1016

Recognition primed decision Decision-making model Recognition-primed decision (RPD) is a model of how people make quick, effective decisions when faced with complex situations. In this model, the decision maker is assumed to generate a possible course of action, compare it to the constraints imposed by the situation, and select the first course of action that is not rejected. Overview[edit] The RPD model identifies a reasonable reaction as the first one that is immediately considered. RPD reveals a critical difference between experts and novices when presented with recurring situations. Variations[edit] There are three variations in RPD strategy. Variation 2 occurs when the decision maker diagnoses an unknown situation to choose from a known selection of courses of action. In Variation 3, the decision maker is knowledgeable of the situation but unaware of the proper course of action. Application[edit] See also[edit] References[edit] Gary A.

Rules Management and Automation With Common Knowledge - Home How Good Is Your Decision Making? - Decision-Making Skills Training from MindTools You won't always have all the data you'd like. © iStockphoto/Maica Decision-making is a key skill in the workplace, and is particularly important if you want to be an effective leader. Whether you're deciding which person to hire, which supplier to use, or which strategy to pursue, the ability to make a good decision with available information is vital. It would be easy if there were one formula you could use in any situation, but there isn't. Each decision presents its own challenges, and we all have different ways of approaching problems. So, how do you avoid making bad decisions – or leaving decisions to chance? No one can afford to make poor decisions. How Good Are Your Decision-Making Skills? Instructions: For each statement, click the button in the column that best describes you. Score Interpretation As you answered the questions, did you see some common themes? Establishing a positive decision-making environment. Establishing a Positive Decision-Making Environment (Statements 4, 8, 11)

Living in the Present Is a Disorder | Wired Opinion The opening titles sequence of Game of Thrones conveys a presentist style. Image: HBO We’re living in the now, we no longer have a sense of future direction, and we have a completely new relationship to time. That’s the premise of Douglas Rushkoff’s latest book Present Shock: When Everything Happens Now, a sort-of update to Alvin Toffler’s influential Future Shock from decades ago. I met Rushkoff back when I was editor of the cyberpunk magazine Mondo 2000, when he was working on his first book about digital culture. But the original publishers canceled that book, thinking the internet was a fad and would be over by the time it hit stands. The internet is still with us (to put it mildly) … so Rushkoff’s latest book is for everybody. R.U. Douglas Rushkoff: Narrative Collapse is what happens when we no longer have time in which to tell a story. Think Game of Thrones. Remote controls and DVRs give us the ability to break down narratives — particularly the more abusive ones. R.U. R.U. R.U.

Carl Jung Carl Gustav Jung (/jʊŋ/; German: [ˈkarl ˈɡʊstaf jʊŋ]; 26 July 1875 – 6 June 1961), often referred to as C. G. Jung, was a Swiss psychiatrist and psychotherapist who founded analytical psychology.[2] Jung proposed and developed the concepts of the collective unconscious, archetypes, and extraversion and introversion. His work has been influential not only in psychiatry but also in philosophy, anthropology, archeology, literature, and religious studies. The central concept of analytical psychology is individuation—the psychological process of integrating the opposites, including the conscious with the unconscious, while still maintaining their relative autonomy.[3] Jung considered individuation to be the central process of human development.[4] Jung saw the human psyche as "by nature religious"[5] and made this religiousness the focus of his explorations.[6] Jung is one of the best known contemporary contributors to dream analysis and symbolization. Early years[edit] Childhood family[edit]

Silent Watching Meditation If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting! Listening to silence is a simple meditation exercise Silence resides in the gap between your thoughts, in the moments before and after sounds and also beneath sounds if you can hear constant noise. If you focus on your breath passing in and out of your lungs your thoughts begin to slow down and occasionally you will find you stop thinking. At first, this feels weird! The quiet place within is always there although it can take practice to become aware of it. Here are some examples of how to enjoy a silent watching meditation: Try sitting with a plant or flower and listen to it grow! Watch light fade and observe shadows. Light a candle or incense stick and silently watch the smoke swirl. Silently observe animals or pets, the way they move, often slowly, often silently – extremely alert, present in the moment. Watch the wind blow, lifting leaves and moving trees, blowing clouds and carrying birds. Meditation

Decision making Sample flowchart representing the decision process to add a new article to Wikipedia. Decision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice that may or may not prompt action. Overview[edit] Edit human performance with regard to decisions has been the subject of active research from several perspectives: Psychological: examining individual decisions in the context of a set of needs, preferences and values the individual has or seeks.Cognitive: the decision-making process regarded as a continuous process integrated in the interaction with the environment.Normative: the analysis of individual decisions concerned with the logic of decision-making and rationality and the invariant choice it leads to.[1] Decision-making can also be regarded as a problem-solving activity terminated by a solution deemed to be satisfactory. Problem analysis

Normal distribution In probability theory, the normal (or Gaussian) distribution is a very commonly occurring continuous probability distribution—a function that tells the probability that an observation in some context will fall between any two real numbers. Normal distributions are extremely important in statistics and are often used in the natural and social sciences for real-valued random variables whose distributions are not known.[1][2] The normal distribution is immensely useful because of the central limit theorem, which states that, under mild conditions, the mean of many random variables independently drawn from the same distribution is distributed approximately normally, irrespective of the form of the original distribution: physical quantities that are expected to be the sum of many independent processes (such as measurement errors) often have a distribution very close to the normal. The Gaussian distribution is sometimes informally called the bell curve. A normal distribution is The factor . .

Brain Study | Learning about the brain, body and how it all connects SOPHISTICATED FINANCE - Decision Making and the Smart Man Back in March I posted on the role of assumptions in developing the business and financial model. The important point was that the assumptions represent the key risks in the business model. Yesterday I read a good post on recruiting in the Private Equity and Venture Capital Recruitment blog. My definition of intuition is " facts that you cannot articulate". For most intuitions the facts can be discovered, if you work at it--perhaps with another personThe assumptions in the intuition represent the risks in the decision or conclusion I do not use intuition much and never have, but I have great respect for intuitive people. Another technique I always use is the "smart man" hypothesis. Note: I learned about the smart man hypothesis back in the early 1980s.

Mu Sigma Inc. Mu Sigma is an analytics services provider. The firm’s name is derived from the statistical terms “Mu (μ)” and “Sigma (σ)” which symbolize the mean and the standard deviation respectively of a probability distribution. The company is ISO 27001 certified.[3] Mu Sigma is headquartered in Chicago, Illinois, with its main delivery centre in Bangalore, India. Mu Sigma provides decision sciences and analytics solutions to more than 125 fortune 500 clients globally [4] across 10 industry verticals. History[edit] Recognition[edit] Mu Sigma has also received awards, such as receiving a bronze Stevie Award for Company of the Year in the Diversified Services category in 2012.[10] The company was ranked #907 on the 2012 Inc. 5000 list of America’s fastest-growing private companies. References[edit] Notes[edit] External links[edit]

Myers-Briggs Type Indicator Model of personality types A chart with descriptions of each Myers–Briggs personality type and the four dichotomies central to the theory. In personality typology, the Myers–Briggs Type Indicator (MBTI) is an introspective self-report questionnaire indicating differing psychological preferences in how people perceive the world and make decisions. The test attempts to assign a value to each of four categories: introversion or extraversion, sensing or intuition, thinking or feeling, and judging or perceiving. One letter from each category is taken to produce a four-letter test result, such as "INTP" or "ESFJ".[2][3] The MBTI was constructed by two Americans: Katharine Cook Briggs and her daughter Isabel Briggs Myers, who were inspired by the book Psychological Types by Swiss psychiatrist Carl Jung. History[edit] Briggs began her research into personality in 1917. Myers' work attracted the attention of Henry Chauncey, head of the Educational Testing Service. Format and administration[edit]

7 Skills To Become Super Smart People aren’t born smart. They become smart. And to become smart you need a well-defined set of skills. Memory If you can’t remember what you’re trying to learn, you’re not really learning. If you want to amaze your friends with remembering faces, names, and numbers, look to the grand-daddy of memory training, Harry Lorayne. Reading Good scholars need to be good readers. Evelyn Woodski Slow Reading Course Announcer … Dan Aykroyd Man … Garrett Morris Woman … Jane Curtin Surgeon … Bill Murray … Ray Charles Announcer V/O: [The following words rapidly appear on a blue screen as they are read by the fast-talking announcer:] This is the way you were taught to read, averaging hundreds or thousands of words per minute. Psychologists have found that many people who take speed reading courses increase their reading speed for a short time but then fall right back to the plodding pace where they started. But the bottom line in reading is always comprehension. Writing Speaking Numeracy Empathy

The looming deleveraging challenge - McKinsey Quarterly - Econom The specter of deleveraging has been haunting the global economy since the credit crunch reached crisis proportions in 2008. The fear: an unwinding of unsustainable debt burdens will drag down growth rates for years to come. So far, reality has been more benign, with economic growth recovering sooner than expected in some countries, even though the financial sector is still cleaning up its balance sheets and consumer demand remains weak. Podcast What policy makers and executives need to know about deleveraging Author Charles Roxburgh discusses how historic lessons can help government and business leaders guide the economy through the looming process of debt reduction. New research from the McKinsey Global Institute (MGI), though, suggests that the deleveraging process may just be getting under way and is likely to exert a significant drag on GDP growth. Where deleveraging is likely today Debt grew rapidly after 2000 in most mature economies. What history teaches about deleveraging Exhibit 3

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