Chapter 2Perception, Personality, and Emotions 63OBAT WORKLEARNING ABOUT YOURSELF EXERCISE #5
Are You a Risk-Taker?
For each of the following situations, indicate the minimum odds of success you would demand before recommending that
one alternative be chosen over another. Try to place yourself in the position of the adviser to the central person in each of
the situations.
1 .Mr. B, a 45-year-old accountant, has recently been informed by his physician that he has developed a severe heart
ailment. The disease will be sufficiently serious to force Mr. B to change many of his strongest life habits—reducing
his workload, drastically changing his diet, giving up favourite leisure-time pursuits. The physician suggests that a
delicate medical operation could be attempted. If successful, the operation would completely relieve the heart con-
dition. But its success cannot be assured, and in fact the operation might prove fatal.
Imagine that you are advising Mr. B. Listed below are several probabilities or odds that the operation will prove
successful. Check the lowest probabilitythat you would consider acceptable for the operation to be performed.
_______ Place a check mark here if you think that Mr. B should not have the operation, no matter what the
probabilities.
_______ The chances are 9 in 10 that the operation will be a success.
_______ The chances are 7 in 10 that the operation will be a success.
_______ The chances are 5 in 10 that the operation will be a success.
_______ The chances are 3 in 10 that the operation will be a success.
_______ The chances are 1 in 10 that the operation will be a success.2.Mr. D is the captain of University X’s varsity football team. University X is playing its traditional rival, University Y, in
the final game of the season. The game is in its final seconds, and Mr. D’s team, University X, is behind in the score.
University X has time to make one more play. Mr. D, the captain, must decide on a strategy. Would it be best to try
a play that would be almost certain to work and try to settle for a tie score? Or, on the other hand, should he try a
more complicated and risky play that would bring victory if it succeeded or defeat if it failed?
Imagine that you are advising Mr. D. Listed below are several probabilities or odds that the risky play will work.
Check the lowest probabilitythat you would consider acceptable for the risky play to be attempted.
_______ Place a check mark here if you think that Mr. D should not attempt the risky play, no matter what the
probabilities.
_______ The chances are 9 in 10 that the risky play will work.
_______ The chances are 7 in 10 that the risky play will work.
_______ The chances are 5 in 10 that the risky play will work.
_______ The chances are 3 in 10 that the risky play will work.
_______ The chances are 1 in 10 that the risky play will work.
3.Ms. K is a successful businesswoman who has taken part in a number of civic activities of considerable value to the
community. Ms. K has been approached by the leaders of her political party as a possible candidate in the next
provincial election. Ms. K’s party is a minority party in the constituency, though the party has won occasional elec-
tions in the past. Ms. K would like to hold political office, but to do so would involve a serious financial sacrifice,
since the party does not have enough campaign funds. She would also have to endure the attacks of her political
opponents in a heated campaign.continued