MBA562: Judgment and Decision Making

Course Credits:
3
Course Hours Per Week:
15

Course Overview

This course focuses on improving decision-making skills. Students will identify traps that lie in wait for the unwary, and use tools and techniques to avoid these traps and make effective decisions. Students will investigate a wide range of related topics including:

  • Consequences, preferences, and tradeoffs
  • Uncertainty and risk
  • Traps and biases
  • Group decision making

The course project is a Decision Analysis: Analyzing a Decision Situation. Students will identify a client who faces a real decision, analyze the decision using appropriate techniques introduced in the course, and make a recommendation to the client supported by their analysis.

Course Learning Objectives

  • Apply a systematic, stepwise process for making effective decisions.
  • Apply techniques for making orderly tradeoffs and preference comparisons.
  • Analyze simple decision trees and decision trees that deal with more complex, realistic decision problems.
  • Assess uncertainties associated with specific choices in light of tolerance for risk and potential loss.
  • Describe how to avoid the major psychological traps and biases that decision-makers face.
  • Lead a group through a group decision-making process.
  • Develop a comprehensive decision analysis using several decision-making techniques.