Self-reflecting about our performance (e.g., how confident we are) before doing a task is essential for decision making, such as selecting the most suitable tool or choosing the best route to drive. While this form of awareness -- thinking about our performance or metacognitive performance -- is well-known in humans, robots still lack this cognitive ability. This reflective monitoring can enhance their embodied decision power, robustness and safety. Here, we take a step in this direction by introducing a mathematical framework that allows robots to use their control self-confidence to make better-informed decisions. We derive a mathematical closed-form expression for control confidence for dynamic systems (i.e., the posterior inverse covariance of the control action). This control confidence seamlessly integrates within an objective function for decision making, that balances the: i) performance for task completion, ii) control effort, and iii) self-confidence. To evaluate our theoretical account, we framed the decision-making within the tool selection problem, where the agent has to select the best robot arm for a particular control task. The statistical analysis of the numerical simulations with randomized 2DOF arms shows that using control confidence during tool selection improves both real task performance, and the reliability of the tool for performance under unmodelled perturbations (e.g., external forces). Furthermore, our results indicate that control confidence is an early indicator of performance and thus, it can be used as a heuristic for making decisions when computation power is restricted or decision-making is intractable. Overall, we show the advantages of using confidence-aware decision-making and control scheme for dynamic systems.