Professional Custom Accounting papers: Consider Munger’s thoughts on the importance of mental models.
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.
