Module BUSI41U15: IMPROVING MANAGEMENT DECISION MAKING (CARIBBEAN)

Department: Economics, Finance and Business (Business)

BUSI41U15: IMPROVING MANAGEMENT DECISION MAKING (CARIBBEAN)

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• 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 judgement and the assumptions underlying decision-aiding techniques.

Content

• 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 planning versus decision analysis - creativity and the framing of decisions.
• Decision making in management teams - pitfalls and remedies.

Learning Outcomes

• By the end of the module students will 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.

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

Written communication; planning, organising and time management; problem solving and analysis; using initiative; computer literacy.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning outcomes will be met through a combination of lectures, groupwork, case studies and discussion, supported by guided reading. The written assignment will test students' understanding of relevant concepts and their ability to apply and interpret what they have learned to the analysis of a particular issue in depth.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Students receive feedback on their contributions to the workshops.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University