Module BUSI46H15: IMPROVING MANAGEMENT DECISION MAKING (ONLINE)

Department: Management and Marketing

BUSI46H15: IMPROVING MANAGEMENT DECISION MAKING (ONLINE)

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• IMPROVING MANAGEMENT DECISION MAKING (TAUGHT)

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 judgment and the assumptions underlying decision-aiding techniques.

Content

• 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.

Learning Outcomes

• 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.

• By the end of the module students should 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

• The module is delivered via online learning, divided up into study weeks with specially produced resources within each week. Resources vary according to the learning outcomes but normally include: video content, directed reading, reflection through activities, opportunities for self-assessment and peer-to-peer learning within a tutor-facilitated discussion board. Tutors provide feedback on formative work and facilitate discussion board communication as well as being available for individual consultation as necessary (usually by email and Skype). 
• 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.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

A written assignment of 1,500 words, or its multimedia equivalent, which may involve some group work.

■ 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