BUSI45R15: IMPROVING MANAGEMENT DECISION MAKING (TAUGHT)

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• IMPROVING MANAGEMENT DECISION MAKING (ONLINE)

• To give students an in-depth understanding at an advanced level of the complexities of decision-making, and how decisions can be improved by specialist techniques such as decision analysis and scenario thinking. Emphasis is placed on critically evaluating both the quality of management judgment and the assumptions underlying decision-aiding techniques.

• Traditional microeconomics versus behavioural economics
• How people choose between alternatives.
• Improving choice using multi-attributable value analysis techniques.
• Psychological pitfalls in choice: overconfidence, escalation of commitment, shift-to-risk in decision making.
• Decision analysis - methods and techniques for making decisions that involve uncertainties.
• Scenario thinking versus decision analysis - creativity and the framing of decisions.
• Decision making in management teams - pitfalls and remedies.
• Decision making under conditions of extreme uncertainty crisis management.

Subject-specific Knowledge:

• By the end of the module students should have:
• a specialist knowledge of the pitfalls in how individuals and management teams make decisions;
• a critical appreciation of the assumptions, implications, and limitations of decision analysis;
• advanced knowledge and critical understanding of the uses of quantitative and qualitative information for evaluating options in an uncertain business environment.

Subject-specific Skills:

• By the end of the module students should have:
• advanced skills in, and a critical understanding of, the techniques of decision analysis.

Key Skills:

• Written communication;
• Planning, organising and time management;
• Problem solving and analysis;
• Using initiative;
• Computer literacy.

• Learning outcomes will be met through a combination of taught input, groupwork, case studies and discussion, supported by guided reading and specially-written self-study material.
• The summative assessment of the module is designed to test the acquisition and articulation of knowledge and critical understanding, and skills of application and interpretation within the business context.

Classroom-based exercises involving individual and group analyses and presentations on specific business situations/problems relevant to the learning outcomes of the module. Oral and written feedback will be given on a group and individual basis as appropriate.

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