Ecision Modeling (Management Decision Models) 1

Charles Munger (1995), vice-chairman of Berkshire Hathaway, offers key insights on decision making and the tools, techniques, and critical skills that great managers develop and possess in his article a?A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management & Business.a? According to his concept of a?multiple models,a? different decisions require different means of evaluation.

MungersWorldlyWisdom.htm

Review his article by searching the Internet using the following keywords:

Charles Munger
Worldly wisdom as it relates to investment management and business
Respond to the following:

1. What does Munger mean by mental models?
2. What are a few of the other key points discussed by Munger?
3. Why does he call psychology a?an ungodly important subjecta??