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This content is taken from the Coventry University's online course, Decision-making and Risk: An Introduction. Join the course to learn more.

Skip to 0 minutes and 13 seconds Thank you for your hard work as we come to the end of short course one. During this short course I hope that we’ve introduced you to some of the key ideas around decision making and in particular I hope that we’ve given you a taste of the big ideas of Daniel Kahneman who is one of the main thinkers in this area. In terms of Kahneman’s work the most important thing to take away is the distinction between System 1 thinking which is quick and intuitive and System 2 thinking which is more considered and involves careful weighing up of options to come to a rational decision.

Skip to 0 minutes and 51 seconds The thing to remember is that we use System 1 far more than we think even when we believe that we’re carrying out System 2 thinking. So we need to realise that a lot of our thinking is actually very instinctive and intuitive and for that reason one of the other themes of this short course has been data and it’s clearly very important that when you take decisions, those are backed up by information and that you learn to carry out the research that you need to to make effective decisions and in particular to take a critical approach to determining whether the information that you’re using is reliable or not and we talked about the phenomenon of fake news and the fact that there’s so much data out there but quite a lot of that data isn’t very reliable.

Skip to 1 minute and 47 seconds So, those are some of the key themes that we’ve explored in this short course and I look forward to going on the journey with you as we move forward.

Review of the course

Congratulations on completing Decision-making and Risk: An Introduction. We hope you have enjoyed this course.

This two-week open course has explored the difference between risk and uncertainty:

  • In the first week, we looked at how data and information is used in the decision-making process.
  • In the second week, we examined how we assess and manage risk. We have also explored Kahneman’s System 1 and System 2 thinking as a key tool that supports effective decision-making.

Your task

To wrap up your learning for this short course, reflect on what you have learned so far.

  • What have you found to be particularly good, useful or interesting?
  • What actions will you now take to learn more about these topics and put them into practice?
  • What questions, if any, have arisen for you?

To help you with this task, we’ve attached a list of the readings we have presented throughout this short course (in the order that they appeared) in the ‘downloads’ section below.

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This video is from the free online course:

Decision-making and Risk: An Introduction

Coventry University