The Economist Guide to Decision-making: Getting it More Right Than Wrong by Drummond, Helga (2012) Paperback

by Helga Drummond

We make decisions, and these decisions make us and our organisations. And in theory, decision-making should be a problem is identified, the decision-makers generate solutions, and choose the optimal one - and powerful mathematical tools are available to facilitate the task. Yet if it is all so simple why do organisations, both private and public sector, keep making mistakes - the results of which are borne by shareholders, employees, taxpayers and ultimately society at large? this guide to decision making. By leading decision science academic helga drummond, aims to improve decision-making in organisations. It explores how and why decisions go awry in the first place - and offers practical advice on what decision-makers can do to counter the psychological, social and other forces that can undermine individual judgment and pull organisations off course. Full of examples of good and bad decision-making from around the world, it will make readers think more clearly about decisions b

Genres: Management, Business

224 pages, Paperback

First published July 1, 2012

Reviews

[Deniz · Rating 2 out of 5]

Very stereo typical lowly documented utilitarian monologue rather than a book. Not a guide to decision making for sure, but a marketing strategy by the Economist probably... See when you see the title "guide to decision-making" you would expect to hear about all theories, all approaches to decision making in a book format that lists them one by one, along with their tools. But our Helga here who speaks in an annoying british accent, does not give us a single theory, does not list approaches in a categorical way but simply tells you what happened as if you are chatting when you're walking down the corridors. Shell did this, petronas did that, huge firm A did this, must be so good etc etc. Don't bother wasting time with stories if you are after a book.

[Mostafa · Rating 5 out of 5]

First the last chapter "closing thoughts" is the most important part of the book, without this part you will miss the full point of the book/ research.

although the author named it Guide to decision making, yet IT IS NO GUIDE, not even close. the author wanted to provide a guide for decision-makers but wasn't able to provide one because there is none. every case, every industry and every strategy is different from one another. some leaders may even fail successfully others may successfully fail.

i gave the book 5 stars because it sheds light on many theories about decision-making from different perspectives economically and behaviorally and and gave a very pref introduction for each theory and this opened the door for digging deeper for whom may be interested.

[BookCupid · Rating 2 out of 5]

I was really into the book at the start. The thought process of the chapters kept giving me lots to research and talk about on my own. After a while, though, it started to go in circles. The examples about BP kept seeming familiar. The idea is still good, just not too fond of the execution.

[Sebastian Sanio · Rating 5 out of 5]

I liked this book. Each chapter explores a different part of decision making, like escalation, optionality, biases, and group thinking. It’s not really a guide, but it’s full of insights and examples that make you reflect on how people actually make choices. A useful and engaging read.

[Timothy Murphy · Rating 4 out of 5]

Interesting but a little too "anecdotal". Still a good read and they reference interesting studies.

[Adrian Iswariah · Rating 5 out of 5]

Really good read.

[Suleiman Arabiat · Rating 4 out of 5]

One would assume that an Economist guide would be dry and dull, with straight-to-the-point and obvious statements compiled by submerged author(s). At least this is how I approached this book, and it was very far from the truth.

This book is very well organized, well-written, elaborate, well-cited and compiled, and quite entertaining. The progression of thought from the basic decision making spheres to the complex ones is quite immaculate.

Each section contains a clear introduction, anecdotes and witty real-life stories and analogies, a deep description of the section's title, and an elaborate and organized analysis of each of its sub-sections.

The book is truly a guide, as each of its sections tackles a different subject under decision-making, and it delves deeply into the mistakes of each subject and offers clear solutions with examples to elaborate further.

An admirable book which anyone in a decision-making position (whether as a leader or a team member) would be greatly benefited by reading it. And a true reference guide that anyone can go back to when a situation arises and a reminder is required.

[Colin · Rating 4 out of 5]

This is a very readable, no-nonsense guide to the process of making decisions, steering projects and avoiding egregious screw-ups.