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But if you’re planning to keep the car for the next 7 years or more, then you’ll probably pay more than 5k in maintenance, so it’s worth paying for extra reliability.Ī. Is it worth the extra £5,000? If you’re going to sell the car within the next 3 years, then you probably won’t need the extra reliability. Now you need to think about the value of this extra reliability. However, Car 2 is more expensive than Car 1 and is more reliable. In the car shopping example, Car 1 and Car 2 are clear winners compared to Car 3. In this method, you think of the value of an objection regarding the other. What if you have two alternatives that are very similar, and you can’t reach a decision? In this case, use the Even Swap Method. The following table compares two companies’ earnings and product success estimates for you to choose a stock. Assess risks and probabilitiesĬonsequence tables can also be used to assess risks and probabilities. You may improve the decision making in this process by adding an extra row in the consequence table for the look and comfort, where one star is for low likeability, and 3 stars are for maximum likeability. In that case, your decision will be based on intuition and likeability.
However, many people don’t rely as much on objective criteria, and they focus on subjective criteria, for example, when car shopping, the look of the car and comfort. Both have average reliability, so Car 3 will be excluded according to these objectives. In the example shown in the table, Car 1 has lower gas consumption and is more affordable than Car 3. Eliminate subpar alternatives by comparing different objectives. We then talk about the numbers and types of big life decisions people. Adrian first explains the criteria that define a big life decision, the most common ones people make, and which of these decisions people rank as being the most important. Try to use uniform scaling, such as high/low or small/medium/big or simply 1/2/3. The result was the Biggest Life Decisions Project, which we’ll be talking about on the show today. When using consequence tables, you need to avoid word descriptions that are subjective. Check out The Decisions Academy Be objective
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