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MN30266: Decision making

Follow this link for further information on academic years Academic Year: 2018/9
Further information on owning departmentsOwning Department/School: School of Management
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Honours (FHEQ level 6)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 35%, EX 65%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 35% - Qualifying Mark: 35)
  • Examination (EX 65% - Qualifying Mark: 35)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites: Before taking this module you must take MA10214 OR take MN10077 OR take MN20310 OR take MN20606
Further information on descriptions Description: Aims:
This unit will investigate how individuals and groups make decisions and identify the weaknesses of unaided decision making. It will show how decision analysis can help to overcome these weaknesses in problems where there may be a plurality of objectives, risk and both qualitative and quantitative attributes.

Learning Outcomes:
At the end of the course students will be able to:
* identify the problems associated with unaided decision making,
* recognise problems which are amenable to decision analysis,
* implement appropriate decision analysis methods,
* critically evaluate analyses by considering the underlying normative and behavioural assumptions of decision analysis.

Skills:
Key
* 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:

* Descriptive models and theories of individual decision making:
* Problems associated with group decision making.
* Heuristics and biases in probability assessment
* The underlying rationale of decision analysis
* Decision Problems involving multiple objectives under conditions of certainty.
* Decision Problems under conditions of uncertainty
* Structuring decision problems.
* Probability assessment.
* Revision of Opinion in the light of new information.
* Methods designed to aid group decision making.
Further information on programme availabilityProgramme availability:

MN30266 is Optional on the following programmes:

School of Management
  • UMMN-AFB02 : BSc(Hons) Accounting and Finance (Year 3)
  • UMMN-AKB02 : BSc(Hons) Accounting and Finance with Year long work placement (Year 4)
  • UMMN-ANB01 : BSc(Hons) Business Administration with Thin sandwich placement(s) (Year 4)
  • UMMN-AYB06 : BSc(Hons) International Management with Year Abroad (Year 4)
  • UMMN-AFB04 : BSc(Hons) Management (Year 3)
  • UMMN-AKB04 : BSc(Hons) Management with Year long work placement (Year 4)
  • UMMN-AKB05 : BSc(Hons) Management with Marketing with Year long work placement (Year 4)
Department of Politics, Languages and International Studies
  • UXXX-AYB05 : BSc(Hons) International Management and Modern Languages (French) with Year Abroad (Year 4)
  • UXXX-AYB04 : BSc(Hons) International Management and Modern Languages (German) with Year Abroad (Year 4)
  • UXXX-AYB06 : BSc(Hons) International Management and Modern Languages (Spanish) with Year Abroad (Year 4)

Notes: