There is IMO a big disconnect in situations that you get in training and what actually happens on the line. The OMG big deal situations that you deal with in training ( eg V 1 Engine fail, inflight fires etc etc) almost never happen. Instead you get quite a lot of "undesirable but not not really emergencies" events that happen on a fairly regular basis.
How these are handled separates the true "Commander" from the children of the magenta. When asked how I deal with these I tell folks I use a pretty simple Decision matrix:
1) Do I have a problem ? Sometimes things may be happening with the airplane but after a moments reflection it isn't worth going to action stations for and in fact no action, other than a post flight write up is required.
2) If I have a problem is it my problem or someone else who needs to deal with it ? That is ATC, Dispatch, maintenance control etc ?
3) If it is my problem do I have to deal with it NOW or is it something I should give it a good think around before coming to a decision on how to act ?
Remember there is almost nothing that will happen to you that will require instant action. Fast hands kill !