Management & Marketing
Approved course information last updated: 2 years, 3 months ago
Pre-requisites: MGTMKT 201 ISOM 120
Requisite To: None
Lab Session:
Regardless of time, managers in general have a burden to make effective and wise decisions that will ultimately influence their organizations. How do we recruit the best talent? How much risk can we tolerate? How should we choose the best course of action among many? Are feelings biasing our decisions? How does our brain work when it comes to making a choice? Does our old habit(s) bias our perceptions? What impact does our decision have outside the organization? And how does it affect us? The list only grows longer. This course is not intended to address what to choose or estimate, but how to choose and estimate probably. Choosing and estimating wisely are difficult skills to acquire, but like any other skill they can be improved. There are human tendencies that will trip you up. For example, when walking on a tight rope, we tend to look down, which may lead us to fall. As such, this class is designed to help students understand when and why humans deviate from standards of accuracy and rationality in decision making. It covers the process of decision making in organizations with concentration on the systems, tools and planning decisions at strategic and operational levels. The course, also, covers the requirements for effective planning and decision making theories as a tool for practicing managerial work. That is, the class focuses on issues that reduces biases and inaccuracies to make better decisions and choices.
- Clo1. summarize the importance of managerial decision-making process in today’s world
- Clo2. deconstruct individual and group’s decision-making processes identifying inferential errors and systematic biases influencing our decision process
- Clo3. determine the proper managerial decision in given situations based on qualitative and quantitative data
- Clo4. predict and influence the behavior of others
- Clo5. differentiate between decisions that might be viewed as fair, logical, and ethically acceptable
- Clo6. provide a number of procedures and techniques to mitigate the influence of biases on our decision-making processes