Making Successful Decisions

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• the relative strengths of various decision making processes and decision analysis techniques.
• decision analysis techniques and the circumstances under which each technique is best applied;
• the limitations and biases inherent in many judgment and decision making processes;

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• use frameworks and analytical techniques to better understand simple and complex problems and to identify effective solutions.
• use a range of approaches to critically analyse and evaluate theoretical perspectives and research evidence;
• identify the limitations to and consequences of commonly used approaches to decision making and problem solving;

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• identify when and how cognitive limitations and biases can have a detrimental influence on judgments and decisions;
• use prescriptive and descriptive theories to understand and analyse judgments and decisions;
• apply and critically evaluate decision-making models and decision analysis techniques.

The module syllabus is organised into two parts:

Part 1: Decision Processes

This part of the module examines the general nature and structure of decision making processes, explores commonly used decision strategies, and identifies some of the key factors that underlie systematic judgmental biases and poor decision making. The material covered in this part is largely drawn from the disciplines of cognitive psychology, social psychology and behavioural economics. Emphasis is placed on critical comparisons between different theories/findings and on the potential of decisions to have far-reaching consequences in and beyond the context in which they are made.

The subjects covered in Part 1 are: 

An Introduction to Decision Making Processes

Decision Making and the Classical Decision Making Module

Probability Judgment and Heuristics

information Processing and Bounded Awareness

Utility and Prospect Theory

Mental Accounting

Choice Architecture

Emotions, Ethics and Honesty in Decision Making

Group Decision Making Processes

Part 2: Decision Analysis

This part reviews and applies many key concepts and techniques from the discipline of decision analysis. These techniques can aid decision making under risk and uncertainty and overcome the challenges of decision complexity. The material covered in this part is largely drawn from the disciplines of operational research, economics and decision analysis. Emphasis is placed on understanding the conditions under which specific techniques are most appropriate and on thinking critically about the relative merits of each approach for the given context.

The subjects covered in Part 1 are:

Decision Making Under Risk and Uncertainty

Decision Trees

The Value of Information and Bayes Theorem Competitive Decision Making Cooperative Decision Making

Multi-Attribute Decisions

Multi-Criteria Decision Analysis

Attitudes to Risk and Risk Efficient Choices

Teaching methods include:

• Lectures
• Classes
• Problem-solving case studies
• Plenary sessions delivered by guest speakers
• Independent study
• Directed reading

Learning activities include :

• In lecture exercises
• Case study/problem solving activities
• In class debate and discussion
• Feedback quizzes
• Private study
• Video and online materials

Formative

This is how we’ll give you feedback as you are learning. It is not a formal test or exam.

Lectures and Seminars

• Assessment Type: Formative
• Feedback: - Feedback and discussion following all group activities and problem-solving exercises in classes and lectures. - Peer feedback. - Lecturer and guest speaker feedback in response to questions and comments. - End of lecture ‘feedback quiz’. - Personal feedback from Module Leader upon request.
• Final Assessment: No
• Group Work: No

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.