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Making Great Decisions in Business and Life (Hardcover)

by David R. Henderson (Author), Charles L. Hooper (Author)
Key Phrases: lead keel, dark gray area, postcard stamps, United States, Objective Insights, Dirty Harry (more...)

4.6 out of 5 stars See all reviews (19 customer reviews)

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Editorial Reviews

Review
A brilliantly written, stimulating, fun read filled with great stories and examples. It is, simply, a great book. -- John O. Whitney, Columbia Business School

Making Great Decisions flows like butter. -- Barry Nalebuff, Yale School of Management

Making Great Decisions flows like butter. It teaches you how to think like an economist. The results may surprise or even jolt you, as you discover all the mistakes you've been making and how to correct them. --Barry Nalebuff, Yale School of Management

This brilliantly written book is a stimulating, fun read filled with great stories and examples. It has practical applications for business people, and yet is written for everyone. If my predecessors at the companies I turned around had read and understood this book, their companies wouldn t have needed me. I wish I had had this book when I taught decision analysis at Harvard. It would make a great supplementary text for virtually any course I teach. It is, simply, a great book. --John. O. Whitney, Columbia Business School

This engagingly written book does get you to think, and think more carefully, about the practical decisions in life. -- Virginia Postrel, columnist, New York Times

This is a book that is the best of both worlds; it's full of practical advice and it's interesting. Honestly, I carried this book around with me and read it at every spare moment. --Jack Covert, 800-CEO-READ

Product Description
The phrase "work smarter, not harder" has been repeatedly ridiculed in the Dilbert comic strip and elsewhere, not because it is a bad idea, but because it is thrown like a brick lifesaver to drowning employees. To tell someone to work smarter is like telling someone to be happier, healthier, and richer. It's not much help to merely repeat the objective; what people need is a plan for achieving the objective. In Making Great Decisions, we show our readers how to achieve their objectives. We write to help those in business and those in the business of life--i.e., everyone--to work smarter. Our ideas are both simple and powerful. We offer a better way to look at problems so that the solutions are easier to find. We help supplement our readers' clear thinking by summarizing some of the most powerful techniques we have discovered.

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Product Details

Hardcover: 287 pages
Publisher: Chicago Park Press; 1st edition (November 5, 2005)
Language: English
ISBN-10: 0976854104
ISBN-13: 978-0976854104
Product Dimensions: 9.1 x 6 x 1.1 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)

Average Customer Review: 4.6 out of 5 stars See all reviews (19 customer reviews)

Amazon.com Sales Rank: #378,136 in Books (See Bestsellers in Books)

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Inside This Book (learn more)

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
lead keel, dark gray area, postcard stamps

Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Objective Insights, Dirty Harry, One-Percent Rule, Best Buy, San Francisco, Astra Merck, New York, Soviet Union, Los Angeles, Mount Everest, Ronald Howard, Santa Clara, Adam Smith, Adolf Hitler, Big Three, Continue Feud, Pat Parker, Tickle Me Elmo, Ford Motor Company, Heavy Discounting Approach, Infinite Motors, Los Altos, Major League Baseball, Red Cross

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Citations (learn more)

This book cites 29 books:

The Fortune Encyclopedia of Economics by David R. Henderson on 5 pages
Natural Capitalism: Creating the Next Industrial Revolution by Paul Hawken in Back Matter (1), Back Matter (2), and Back Matter (3)
It's Not About the Bike: My Journey Back to Life by Lance Armstrong on page 124, and Back Matter
The mythical man-month and other essays on software engineering by Frederick P Brooks on page 83, and Back Matter
The Wealth of Nations (Bantam Classics) by Adam Smith in Back Matter (1), and Back Matter (2)

See all 29 books this book cites

1 book cites this book:

The 2007 Pfeiffer Annual: Leadership Development (J-B US non-Franchise Leadership) by James F. Bolt on page 47

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	91% buy the item featured on this page: Making Great Decisions in Business and Life 4.6 out of 5 stars (19) $23.95
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	3% buy The Joy of Freedom: An Economist's Odyssey 4.9 out of 5 stars (17)
	2% buy Wharton on Making Decisions 4.8 out of 5 stars (6) $19.75

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Customer Reviews

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4.6 out of 5 stars (19 customer reviews)

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Most Helpful Customer Reviews

34 of 35 people found the following review helpful:

5.0 out of 5 stars How the economic way of thinking can improve your life, December 7, 2005

By	Dwight R. Lee (Dunwoody, GA USA) - See all my reviews (REAL NAME)

Far too many people see economics as difficult, boring, and totally irrelevant to their daily lives. Henderson and Hooper demonstrate in clear and compelling language that economics is really a straightforward and exciting way to make your life more productive and enjoyable. With a large number of short, interesting and largely diagram-free examples, the authors do exactly what the title of their book promises. They show the reader how to make great decisions in their businesses and their lives. Mentioning two of their many topics, the book emphasizes how easy it is to let your fantasies obscure the realities you face and lead you into harmful decisions with a number of useful examples. There is a wonderful discussion on the importance of considering cost and being careful to distinguish between real cost and what is easily thought of as cost, but isn't.
I will be teaching a one-half semester capstone MBA course on economics in the second half of the spring semester, and this book will be the central reading. I cannot think of a better book to bring home the message I think is crucial for MBA students to understand--that the insights of economics can improve their business skills and make them more effective in all walks of their lives. But you don't need to be an MBA student to benefit from this book. Just someone who enjoys a well-written and interesting book and wants to make better decisions.

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24 of 25 people found the following review helpful:

4.0 out of 5 stars Recommended Reading, January 5, 2006

By	political idiot (california) - See all my reviews

This is a good book, easy to read, and more importantly absent business jargon; but there won't be any epiphanies for anyone. The authors do offer some clarity, personal insight, and reinforce traditional methodology to help you make better, more effective, risk tolerant decisions. Essentially they successfully eliminate the fluff found in most textbooks and present the meat in an understandable and practical manner. Utilizing his background in economics, David Henderson provides a nice section on utilizing the margin for decision-making, which I have found is always a most useful skill to have. Other factors I think people tend to get emotional about with negative results are sunk costs and time valuation. There is useful information and lots of examples, anecdotes, and techniques included. At no time do the authors leave you hanging on an abstract concept. Examples and calculations are provided to drive home the idea. My only criticism is that since the book as co-written by two authors they feel some need to frequently tell the reader, with parenthetical initials, who is offering the example or anecdote. It gets a bit annoying, but that may be just my own personal problem. Nonetheless, this is a good, solid book with informative material that will provide a manager at any level, company owner, or master of their domicile good focus for improved decision-making skills.

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7 of 7 people found the following review helpful:

5.0 out of 5 stars Personal advice book based in sound economics, February 21, 2007

By	Maxim - See all my reviews

When was the last time you saw a personal advice book that, instead of using some type of trendy "pop-psychology" approach, applied economic theory? This is what makes David Henderson and Charles Hooper's book Making Great Decisions so unique. At the same time, the authors make the application of economics seem simple. Easily understandable language replaces economic jargon, and the point of a paragraph is never ambiguous.
The book is packed with interesting, real-life examples and conversations. It overflows with personal stories, each to make a point or to illustrate a particular concept.
Most of the economic principles that are applied come right out of Econ 101. For example, the authors advise readers to ignore "sunk costs" (expenses that have already been made, in time or money) when making decisions. In other words, your initial investment, whether in the form of yearlong training to climb Mt. Everest or the establishment of a coin shop, should not be considered when deciding whether to pursue the venture further.
The authors say that one common error made by companies and individuals is assigning the wrong priorities to projects. They point to a company that spent far more money and time deciding how to make company printers more alike than it did determining whether to license a product worth $100 million a year. They should have realized the massive difference in importance between the two problems and divided resources accordingly.
The authors give personal advice throughout the book. "Think on the margin," they say. Henderson gives as an example his procrastination in graduate school, when he needed to complete his dissertation. He estimated that he would have to put in six hours a day to finish his dissertation before the deadline, but instead found himself avoiding the work day after day. The solution, he found, was to aim to work just two hours every day. This modest goal made it easy for Henderson to get started on his work every day, and once he had started, he found it easier to keep going. Think on the margin, the authors advise; even if you can't get a full six hours of writing done, two are better than none.
While the advice is very much apolitical, with the goal of helping the reader make better decisions, the basis for it relies on free-market economic theory. Some parts of the book reflect this essentially libertarian political approach. The authors remind us, for example, that recycling is not free and that, depending on the value of one's time, it may not be worthwhile to sort recyclables and carry them to the curb every week.
They also debunk complaints about sweatshop labor, warning readers beforehand that they are "about to challenge a commonly accepted belief". Sure, the workers have low pay and poor conditions by American standards - but what is their alternative? The foreign workers voluntarily chose "sweatshop" employment over their other choices. Will they be better off if western activists eliminate that option? This issue is cited by the authors as an example of people making the mistake of choosing fantasy over reality. The western activists would like everyone to live well, but don't realize that eliminating jobs, even low-paying ones, is not a solution. Though not generally taking political stances, in the few issues that the authors do take on, their reasoning is well thought out and deserves mention.
David Henderson and Charles Hooper wrap the book up with a short discussion on ethics: Unethical practices are almost always bad business. They point out that your actions will determine what others will think of you, which in turn affects business opportunities. Sticking to form, Henderson gives an example from his business dealings with people. Adam Smith is lauded his idea of "the invisible hand" - the notion that one unintentionally helps society simply by working to make a profit.
In Making Great Decisions, the authors show that economic theory can be applied to everyday life and decision-making. The book flows smoothly with plentiful examples and has a lively writing style. But perhaps most importantly, it is hard to find fault with the advice.

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Most Recent Customer Reviews

4.0 out of 5 stars A great guide for deep decision analysis
The authors go into a lot of detail in giving advice to help you to make better decisions. This advice is for those decisions where the solution is not obvious and you would like... Read more

Published 1 month ago by John Cain

4.0 out of 5 stars enjoyable read
I enjoyed it. Mr. Henderson writes quite well. He kept my interest. I never felt he was talking over my head or down to me. I look forward to more of his written work.

Published 4 months ago by Glen J Grossman

4.0 out of 5 stars Making Great Decisions
This book is written in a casual style that even non-business types can understand. Many of the principles he describes are of benefit to a wide variety of readers. Read more

Published 18 months ago by Virginia De Lemos

4.0 out of 5 stars This is not the last word
Most of this very well written book is trite.
The only point it makes that is of great value
is the following: decide on what is truly important
to you and give... Read more

Published on April 26, 2007 by Robert L. Kaufman

5.0 out of 5 stars Don't think of it as economics
I'm so glad that economics is not in the title of this book. Reason? I've been able to recommend this great book on the best ways to make decisions through understanding some... Read more

Published on January 2, 2007 by Joyous

5.0 out of 5 stars Economics can be interesting, even fun
This is a book in which you can learn some economics, you'll actually be fairly glad to learn it and you'll be very glad you know it when you're done reading the book... Read more

Published on January 2, 2007 by Jerry Dwyer

5.0 out of 5 stars Practical Economics without the Mathmatical Nightmare!
I've taught Economics for almost ten years and students have always told me that the algebraic formulas and mathematical gobbledygook are the biggest obstacles in the path to... Read more

Published on September 11, 2006 by D. Buxman

5.0 out of 5 stars excellent thinking tool
Sometimes you don't need revolutionary new information to start doing things better, you just need a new way of seeing things. This book did that for me. Read more

Published on September 1, 2006 by Bill Dyszel

5.0 out of 5 stars Practical advice
After reading only the first chapter I realized I was already following much of these authors' advice. Being cost effective is the goal of much daily living. Read more

Published on August 15, 2006 by R. Groen

4.0 out of 5 stars A Good Primer on Everyday Decisions
The opening example is of someone who makes a dumb decision because they're oriented on a small relative cost rather than the overall value. Read more

Published on March 21, 2006 by Ron Klein

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