Thought process goes something like:
What range does villain have in this spot? (Knowing whether villain is a loose or tight shover helps a lot).
How much equity does my hand have against that range? (I don't literally think of a number. I just have a feel for how well my hand plays against that range.)
Am I getting the right price to call if I'm behind?
Are there ICM or other factors that make me reluctant to race for my tourney life at this stage?
And then I call and get beaten by a hand I dominate.