In his article “A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management & Business,” Charles Munger (1995) wrote about tools, techniques, and critical skills that great managers need to develop.
Consider Munger’s thoughts on the importance of mental models. Respond to the following:
- In your own words, describe what Munger means by mental models.
- Examine how Munger’s concept of mental models has changed your ideas of decision making in investment management and business.
- Describe at least one example from your own experience where your perspective or experience provided a mode of thought that brought new light to a discussion or a tough decision.
- Explain how this experience has affected your decision-making process.
Write your initial response in approximately 300–500 words. Apply APA standards to citation of sources.