In my previous article, I discussed risk profiling for reducing risks in decision making during uncertain times. Today I will tell you about the pay-off table, an excellent decision-making tool.
It’s great for:
A pay-off table is a simple table that compares the events and results of your choices. Say you are inviting your friends to a barbeque party in your backyard, and the weather forecasts that it might rain. Now you should decide to continue with your plan or invite them inside the house and order pizza.
The table shows that you have four options.
A pay-off table can be useful for a simple decision; however, for a complex one, a decision tree might be more helpful.
I will discuss later in my future articles; many other decision-making tools that are useful in uncertain situations.
Reply to me, I really want to hear your thoughts on the tough decisions you face today.
Stay safe and healthy
A. I. Shoukry | 5 Sheriff Pasha Street, Cairo