Judgment Call Practice Exercises
Review the lesson for Judgment Call Study Guide.
Judgement Call Practice Exercises
You inherited $5,000 from your great-aunt. You want to put the money into a mutual fund, but your spouse wants to use it to pay off a credit card debt. What information would be important to find out in preparing to make the judgment call as to what to do with the money? Circle as many as apply.
- What is the year-to-date rate of return on the mutual fund?
- How much interest does the credit card company charge you?
- Which kinds of investments did your great-aunt favor?
- Can you transfer your credit card balance to a card with a 0% interest rate?
Choices a, b, and d would be valuable information to have when preparing to make such judgment call. Choice c is not relevant.
Which two are NOT examples of using intuition to make a judgment call?
- Sam has to choose whether to go to the college near his hometown or a college 900 miles away where his best friend will be going. Sam's father recently had a heart attack, so Sam decides to go to the school closer to home.
- Mr. Wilcox had a ticket on a flight to Paris. At the last minute, he decided not to go. "Something told me not to go," he told reporters after the plane crashed, killing all on board.
- The night before a job interview, Pam dreams that she gets the job but someone there belittles her for not being smart enough. When she's offered the job, at a great salary, Pam turns it down. She tells a friend she doesn't want to work with people who think she's dumb.
- Fred wants to buy a new computer. He researches all the new models, and then shops around and chooses the best deal.
Choices a and d are not examples of intuition. Choosing to be close to an ill relative or buy the best computer at the best price are not hunches.
Use a chart to explore the possible consequences of each option in the following scenario.
The owner of a small store finds out that his best employee, a college student, closed the store an hour early over the weekend so she could attend a party. This employee has consistently been an excellent, dependable worker, and is the only one the owner can trust to close the store in his absence. In fact, finding reliable help is very difficult. However, by closing an hour early, the employee cost the store-owner a few hundred dollars in profits, based on typical Saturday night sales. Should the store-owner confront the employee about the early closing? Fire her? Pretend it didn't happen?
Remember that with judgment calls, there is not always one right answer. However, a good response is one that adequately explores all three options and their possible consequences.
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