Is Making a Bad Decision Better Than Making No Decision at All?

Topics: Decision theory, Risk, Cognition Pages: 2 (605 words) Published: November 22, 2009
Is making a bad decision better than making no decision at all?
People make decisions of varying importance every day, so the idea that making a bad decision is better than making no decision at all is, in my opinion, the worst case scenario that may occur. When making a decision one has various options, risks, and is influenced by his surroundings. Firstly, decision making involves identifying and choosing alternatives based on the values and preferences of the decision maker. Making a decision implies that there are alternative choices to be considered, and in such a case we want not only to identify as many of these alternatives as possible but to choose the one that has the highest probability of success or effectiveness and best fits with our goals, desires, lifestyle, values. If a decision is wrong, people learn from its consequences. For example choosing the right color to dye our hair may make us look beautiful or the wrong one, monstrous. Secondly, decision making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made from among them. This definition stresses the information-gathering function of decision making. It should be noted here that uncertainty is reduced rather than eliminated. Very few decisions are made with absolute certainty because complete knowledge about all the alternatives is seldom possible. Thus, every decision involves a certain amount of risk. For instance, business people take a chance with every new investment. It may turn out to be a very profitable business or a total failure on today’s almost unpredictable market. But without taking the risk one cannot gain a wide range of investing experience. On the one hand, every decision is made within a decision environment, which is defined as the collection of information, alternatives, values, and preferences available at the time of the decision. An ideal decision environment would include all possible information,...
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