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MN30266: Decision making

[Page last updated: 23 August 2023]

Academic Year: 2023/24
Owning Department/School: School of Management
Credits: 6 [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Honours (FHEQ level 6)
Period:
Semester 1
Assessment Summary: CWSI 50%, EXCB 50%
Assessment Detail:
  • In-class test (CWSI 50%)
  • Examination (EXCB 50%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites: Before taking this module you must take MA10214 OR take MN10077 OR take MN20310 OR take MN10564
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.


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.

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.

Course availability:

MN30266 is Optional on the following courses:

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-ANB07 : BSc(Hons) Business with Thin sandwich placement(s) (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:

  • This unit catalogue is applicable for the 2023/24 academic year only. Students continuing their studies into 2024/25 and beyond should not assume that this unit will be available in future years in the format displayed here for 2023/24.
  • Courses and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.