How to Make Tough Decisions: Crash Course Business - Soft Skills

The video explores decision-making processes, highlighting psychological phenomena like the sunk cost fallacy, loss aversion, and anchoring. It emphasizes understanding opportunity costs and provides strategies for effective decision-making, such as using pros and cons lists and weighted scorecards. The video also discusses risk, loss aversion, and ethical considerations, using the Enron scandal as a case study. It concludes by addressing the sunk cost fallacy, planning fallacy, and the importance of learning from past decisions.

How can making a weighted scorecard help in decision-making?

What role does confirmation bias play in our decision-making process?

What are some potential consequences of motivated blindness in a workplace?

Why is it important to learn from past decisions?