Critical thinking is generally a term given to a wide range of cognitive skills and intellectual dispositions needed to effectively identify, analyze, and evaluate arguments and truth claims. To discover and overcome personal prejudices and biases, to make and give logical opinions, and to make smart decisions are all examples of critical thinking. The author of this paper has used critical thinking in her organization on many occasions. The purpose of this paper is to identify all the steps the author has chosen for her organization and describe how critical thinking affected her decision.
Critical Thinking in Consumer PurchaseIn the May 15, 2006 issue of Fortune magazine, the article entitled "Real Estate Survival Guide" demonstrates the steps in critical thinking to assess the value of real estate in today's economy. The author stated "All of us have at one time or another made decisions about consumer purchases, relationships, personal behavior, and the like that we later realized were seriously mistaken or irrational" ( Schmidt, 2006, p.
97). This has been true of the real estate market in the last five years. People have been caught up in a frenzy rushing to outbid and overpay for homes and condominiums. They have been ignoring the facts that prices cannot go up forever, interest rates are rising, and the increasing prices are making it impossible for a large percentage of the population to buy a home. This displays the mistakes that occur when critical thinking does gather all the facts before making a decision. Many of these mistakes are listed by the author'slack of relevant background information, conformism, wishful thinking, overpowering emotions, and resistance to change. When purchasing or selling a home, criticalthinking is an important part of the process because both the good and bad repercussions of the transaction must be weighed.