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DownloadHave you ever had to dissect a complicated business scenario and were confused as to where to begin, or how to analyze the problem? Game theory is the science of predicting the outcome of a scenario or game by understanding the rewards and risks associate with each decision. Game theory can help anyone identify the best strategy or tactic given a goal or aspiration. The Art of Strategy is not only based on extensive research, but it includes real-life examples and case studies to prove that game theory analysis works in different business settings. When game theory strategies are applied to everyday business situations, obstacles and challenges can be overcome and the end result can be a positive one. The book is filled with questions that will get the reader to think twice before they make their next decision, recipes to use game theory analysis in split-second situations, and case studies that demonstrate the power of using game theory.
Questions and answers
One of the strongest points in the book is known as the "Anticipation of Situation." The working theory is that there is always a mathematical formula that will predict the outcome of a game. The authors use an example from the television show, Survivor. Someone on the show decided they would "win by losing," and it actually worked. When the candidate on the show threw their chance to win, it set a series of events in motion that eliminated some of the competition, and allowed that candidate to eventually win the game in the end. According to the authors, by studying the competition and their reaction to any situation that is presented, it is possible to, at the very least, even the score, and at the very best, to come out on top as the winner in any contest.
Questions and answers
The authors also use entertainment as a way to get their points across. These stories are presented in the form of "tales," and one of the most memorable ones is called "Pick a Number." Readers are challenged to guess a number between 1 and 100 for five straight times to find the correct number that was chosen by them. The illustration concludes that this strategy is a good one, because the number setter and the searcher both know and understand the concepts behind finding the perfect information in game theory. That simply means "I know what you are thinking, and you know what I am thinking."
Questions and answers
There are three main game theories that need to be considered when making any important decisions. They include:
In the business world, making split second decisions on a daily basis is commonplace. Often times a bad decision can set of events into motion that can destroy an entire product line or a department. By learning and applying game theories into those split second decisions, the odds of a successful outcome are greatly increased.
Questions and answers
The three main reasons game theory works in the business world are:
Using game theories and strategies are important but the reader is cautioned that they are simply another set of tools used by management to accomplish goals. It is important to keep in mind that experience in business is also a major contributing factor to success. By combining game theory with experience, goals will be accomplished and obstacles will be overcome. No matter what industry the reader is involved in, game theory offers a new insight into the psychology of the thinking and decision making process. By taking the time to learn and understand game theory,
Questions and answers
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