For KP, Biff and Watto.
Step 1: Notice how far the ball has travelled.
Step 2: Notice who the fielder is and assess if there is a run. For example, if the fielder is Ashish Nehra get ready to dash. On the other hand if the fielder is South African or Australian, you may still want to risk it. Even if the fielder is an old lady from said nations.
Step 3: Who is your partner? This is more important than you think. The real thing to keep in mind here is if your partner will choke slam you for taking a run that wasn't there. If he won't then by all means run. If he will then pretend he made the call but never forego the run.
Step 4: Assess the situation to pretend you actually know what is going on the middle. Is it absolutely necessary to take the risky single now or will we be fine without it? Either way the answer is always run.
Step 5: If midway through your run you realize the run was a mistake, pause momentarily to decide if you should go back or keep moving forward. The decision relies on which end the fielder is throwing. The ideal situation is to get your partner out, even if he is a far superior batsman than you. And specially if he is in the 90's (See Watto, you really can't blame Kat).
Step 6: If you decide to stupidly sacrifice your wicket, dive. Your weight will have a significant role to play in the success of the dive. But to get a more comprehensive idea of this situation you will have to attend classes with Inzy.
Step 7: If you and your partner are in the same end collide into your partner and push him out so the replays can tell the umpires that you reached the crease first. This was the basic mistake both KP and Watto made. Tsk tsk.
Step 8: If in confusion always ask yourself 'what would Owhy do?'