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The Right Decision
Book

The Right Decision

A Mathematician Reveals How the Secrets of Decision Theory Can Help You Make the Right Decision Every Time

McGraw-Hill, 2009 plus...


Editorial Rating

7

Qualities

  • Applicable

Recommendation

Making decisions is hard, and understanding new theoretical approaches to decision making can be even harder. Mathematics professor James Stein does a fine job of explaining these theoretical frameworks, converting abstract theory to applicable tools and illustrating his explanations with numerous examples. Stein offers many case studies, so readers can apply their understanding of the theoretical tools. But he doesn’t always provide sufficient explanation of the factors involved or the reasoning behind how the decision makers in the scenarios weigh their choices. That aside, this is a useful introduction to a complex subject. getAbstract recommends Stein’s methods to planners, managers, strategists and anyone who wants to make better decisions.

Take-Aways

  • Making decisions is incredibly important: “You are what you decide.”
  • Decision making has three stages: identifying the need for a decision, determining the “menu” of options and making a choice.
  • When making your mind up, identify the “payoff”: What is important to you?

About the Author

James Stein is a professor of mathematics at California State University and the author of How Math Explains the World.


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