This was a good book. Although I was already aware of expected value and probability matrices, the examples provided really helped me see how they can be utilized in a real-world context to assist with decision-making.
Many mathematical methods require a substantial amount of data. Expected value is a valid method, but we are usually missing essential parameters such as weights or utility (the desirability of various options). Since we do not have exact data for many of the situations brought up in the book—such as the probability of good weather in New York on the day we plan to be there—we must take extra care. Rather than using these methods to reinforce what we have already decided, we should tweak them to reflect our internal decision-making processes, using them as a tool to guide us. The author actually highlights this issue, warning us not to get trapped into reverse-engineering our conclusions.
Overall, this is a great book for demonstrating that incorporating structure, and sometimes just putting pen to paper, can have significant benefits for the "sanity" of our decision-making.
Another point I found very useful was the author’s solution for our natural tendency for risk aversion. He notes that we are often more motivated by avoiding loss than by achieving a prize (This conclusion corresponds with findings from scientific studies). This means we are more likely to remain inactive because we magnify threats compared to rewards, which introduces an imbalance into our process. To counter this, he suggests that when making a list of pros and cons, we should try to "add fixes" for the cons. By shrinking the "cons" section through mitigation strategies, we account for our natural tendency to be risk-averse.
Ultimately, he advises that breaking things down—rather than thinking about complex problems as a single whole—prevents emotions from making an analytical approach feel mundane or exhausting. By introducing a little structure to the thought process and breaking down the problems, we can achieve much better results.
A couple of issues: Although I understand that the author wants readers to work through the problems, the reality is that many will not do so outside of a classroom setting. I believe showing one example with solutions (as the author has done) is sufficient. There is no need to add so many pages asking the reader to solve problems, especially considering the prevalence of e-books today (and of course that the attention span of the whole society has shrunk considerably in the past decade). This added considerable volume without actually progressing the content, which I consider a negative factor.