2021/22 Undergraduate Module Catalogue
LUBS1785 Introduction to Effective Decision Making
10 creditsClass Size: 30
Module manager: Yasmina Okan
Taught: Semester 1 (Sep to Jan) View Timetable
Year running 2021/22
Pre-requisite qualificationsNote for students on BSc Management and Mathematics: you cannot choose LUBS1785 and LUBS2785 as Discovery modules, as they are both mutually exclusive with LUBS3885 which is a compulsory module in year 3 of your programme.
Note for students on BA Management and BA Management with Marketing: you cannot choose LUBS1785 as a Discovery modules, as it is mutually exclusive with LUBS2785 which is a compulsory module in year 2 of your programme.
This module is mutually exclusive with
|LUBS2785||How Managers Make Decisions|
|LUBS3885||Management Decision Making|
This module is approved as a discovery module
Module summaryThis module reflects a growing research field on decision making, giving you insight into the thinking processes that underlie your own and others’ judgment and decision making, the errors and biases that can arise in thinking, and some ways to improve decisions. The module does not assume any prior knowledge and can give insight into decision making that is useful in both personal and professional contexts. Decision research has influenced policy worldwide to help people to make better decisions in different applied domains, including finance, health , and sustainability.
ObjectivesThis module aims to teach effective management decision making on the basis of evidence-based approaches from risk management, cognitive psychology, and behavioural economics. It aims to provide students with an understanding of the thinking processes that underlie their own and others’ judgement and decision making, the judgmental errors and decision biases that commonly arise, and strategies for improving decisions. The module does not assume any prior knowledge and will give insight into effective decision making that is useful in both personal and professional contexts.
Upon completion of this module students will be able to identify and recognize:
- Different types of decisions and the theories used to explain how they are and should be made
- The thinking processes which underlie participants own and others’ judgement and decision making, including the distinction between System 1 and System 2 thinking.
- The different types of errors / biases in human judgement/decision making and how these can be overcome
- The influence of motivation, stress and emotion on judgement and decision making
On completion of this module students will be able to:
- Reflect on their own thinking processes and those of others, including the ways in which such processes can be improved.
- Assess the relevance of the issues presented above for personal and managerial decision making, as appropriate.
- Analyse and think critically
- Communicate effectively in writing
Indicative content is as follows:
- Normative theory of decision making under risk, maximisation of subjective expected utility (SEU);
- The importance of limited capacity processing, System 1 and System 2 thinking and their impact on decision making;
- Heuristics and biases to explain how decision makers deal with limited capacity processing, and implications of these for human decision making;
- Prospect Theory as an explanation of anomalies in human decision making, framing, the value function and probability weighting as ways of describing/explaining how people make decisions;
- Introduction to behavioural finance and mental accounting;
- Value-based and reason-based approaches to decision making;
- Motivational and emotional influences on decision making;
- Naturalistic decision making.
|Delivery type||Number||Length hours||Student hours|
|Private study hours||84.00|
|Total Contact hours||16.00|
|Total hours (100hr per 10 credits)||100.00|
Private studyPost-lecture reading: 22 hours
Seminar reading and preparation: 15 hours
Examination revision: 47 hours
Opportunities for Formative FeedbackStudents will receive verbal feedback during seminars on the contribution made to seminar discussion.
Methods of assessment
|Exam type||Exam duration||% of formal assessment|
|Online Time-Limited assessment||48 hr 00 mins||100.00|
|Total percentage (Assessment Exams)||100.00|
The resit for this module will be 100% by examination.
Reading listThe reading list is available from the Library website
Last updated: 22/09/2021 09:47:00
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