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Making Great Decisions in Business and Life Hardcover – November 5, 2005
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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 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
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Top Customer Reviews
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.
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.Read more ›
Most Recent Customer Reviews
This book is a great read! It gives you good little pieces of advice in life. It's something that you can read over and over. Read morePublished on February 7, 2014 by Myrna Pham
I bought this book based on the good reviews, and ignored the red flag of cover praise only from other authors. It is a vanity book. Read morePublished on July 30, 2013 by Noodles
Great for high level basics... for some it would certainly be obvious and not well worth the time, but for others it could provide a nice, base foundation for decision making. Read morePublished on October 23, 2010 by D. Niehus
It is an excellent book. I wished I read it years ago. The examples on this book are phenomenon. This book is not only helping me to make great decisions on business setting, it... Read morePublished on April 19, 2010 by Isabella Green
What I loved about this book is how the authors applied economic concepts to business and life. The principles and guidelines shown in this book offer a unique approach to decision... Read morePublished on April 5, 2010 by Stephen Tudor
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 morePublished on May 21, 2009 by John Cain
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 on March 3, 2009 by Glen J Grossman
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 morePublished on January 8, 2008 by Virginia De Lemos
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... Read more