2017/18 Undergraduate Module Catalogue

LUBS3885 Management Decision Making

20 creditsClass Size: 90

Module manager: Dr Nicola Bown
Email: N.J.Bown@leeds.ac.uk

Taught: Semesters 1 & 2 (Sep to Jun) View Timetable

Year running 2017/18

This module is mutually exclusive with

LUBS1785	Introduction to Effective Decision Making
LUBS2765	Advanced Management Decision Making
LUBS2785	How Managers Make Decisions
LUBS3895	Applied Management Decision Making

This module is approved as a discovery module

Module summary

This module gives you the chance to understand the thinking processes which underlie yours and others’ judgement and decision making. In particular, you will learn about the predictable errors and biases that often occur in both individual and group situations, and will learn and practice practical ways to overcome them. This theoretical knowledge and practical experience will enable you to make improved, more justifiable decisions. You do not need any prior knowledge of psychology or decision making to benefit from this module. Previous students report that this module has given them insight into decision making that is useful in both personal and professional contexts.

Objectives

This module gives students understanding of the thinking processes that underlie their own and others' judgement and decision making, the errors and biases that can arise in thinking and some ways to improve decisions.

Learning outcomes
Upon completion of this module students will be able to:
- analyse and criticise contemporary theory and research explaining how individuals, groups and organisations make decisions
- outline the common errors and biases in individual and group decision making, why they happen and how they can be overcome, including decision making procedures and methods

Skills outcomes
Upon completion of this module students will be able to:
Subject specific
- consider the implications of the most common errors in decision making for improving the quality of individual and group decision making
- recognise and utilise the qualitative differences between individual and group decision processes

Transferrable
- analyse and think critically
- communicate in writing to an advance level
- make and influence decisions both individually and in groups
- effectively negotiate appraise, manage and communicate risk

Syllabus

Indicative content:
- Individual decision making: normative theories; descriptive theories of risky decision making; decision framing, Prospect Theory and mental accounting; process theories. Implications for effective managerial decision making
- Human judgement of risk and uncertainty, heuristics and biases; ways of improving thinking underpinning judgement and decision making
- Motivational biases and the effects of mood, emotion and stress on human judgement and decision making
- Group decision making: effectiveness, errors and biases, groupthink, evaluation of group processes; improving group decision making
- Prescriptive theories: structured decision aiding; SMART; decision analysis; decision trees, scenario planning
- Risk communication: communication as part of risk management, public perceptions of risk, trust, social amplification of risk
- Bargaining and negotiation: the decision theoretic approach, common errors and biases, improving negotiation skills

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	22	1.00	22.00
Seminar	10	1.00	10.00
Private study hours			168.00
Total Contact hours			32.00
Total hours (100hr per 10 credits)			200.00

Private study

For each 20 credits of study taken, the expectation is that the normal study time (including attendance at lectures and tutorials, self-study and revision) is 200 hours.

Opportunities for Formative Feedback

- Students will receive feedback on their progress by completing a number of decision problems followed by a general discussion of their solutions, with students comparing their answers with the normative solution;
- feedback on their understanding of key concepts in seminars in terms of general discussion in class and 'model answers' provided on questions presented in the seminars; analysis and evaluation of individual/group presentations on key aspects of the course undertaken in seminars;
- feedback on their understanding of group decision making and negotiation based on exercises undertaken in classes; changes in their understanding of decision making and how to improve it based on a questionnaire given at the beginning and the end of the module; and
- feedback on the their performance at the formal examination at the end of semester 1.

Methods of assessment

Coursework

Assessment type	Notes	% of formal assessment
Written Work	3,000 words. Resit of this module is assessed by a 3 hour written paper	50.00
Total percentage (Assessment Coursework)		50.00

The resit for this module will be 100% by examination.

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	50.00
Total percentage (Assessment Exams)		50.00

The resit for this module will be 100% by examination.

Reading list

The reading list is available from the Library website

Last updated: 25/01/2018

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