School of Management, Unit Catalogue 2007/08 |
MN50261 Judgment & analysis in managerial decision making |
| Credits: 6 |
| Level: Masters |
| Semester: 2 |
| Assessment: CW 100% |
| Requisites: |
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Aims: 1. To develop an understanding of the psychological and organisational factors that can cause biases in the decision making process
2. To develop an understanding of the value of applying structured approaches to complex decisions problems 3. To evaluate the application of these structured approaches in a range of contexts. Learning Outcomes: Students should be able to: 1) Structure complex decision problems using a range of tools; 2) Identify psychological biases that may affect decision making; 3) Apply structured approaches to decisions involving risk and uncertainty and decisions involving multiple objectives; 4) Apply scenario planning; 5) Understand the particular problems associated with group decision making and apply methods designed to overcome these problems. Skills: * an openness and capacity to continue learning with the ability to reflect on earlier knowledge and practice and integrate the new with past experience and effectively apply it to the present situations. F Intellectual * identify biases and deficiencies of observed decision processes, T,A * evaluate and interpret new information, and engage in problem solving; T,A Practical * formulate and evaluate decision support models T, A * demonstrate consistent and effective written communication skills; A Professional * deal with complex issues and make sound judgements in the absence of complete information, and to communicate their conclusions clearly and competently to a range of audiences. F. Content: i) Structuring complex decision problems; ii) Psychological biases in decision making; iii) Decision making under risk and uncertainty; iv) Decisions involving multiple objectives; v) Scenarios and scenario planning; vi) Group decision making. |