Decision Modeling
One needs to take into consideration that any risky decision has the probability of failure, keeping in mind the potential benefits of not reaching the goal.
The ideal decision model should:
- Calculate or research about the baseline likelihood of success.
- Take a self-assessment of one’s own ability.
- Take into account the situation where the results of the decision are less than required.
- Take into consideration the opportunity cost.
- Ask oneself if the activity being undertaken is providing joy even without any outcome.
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