2023/24 Taught Postgraduate Module Catalogue
LUBS5253M Advanced Management Decision Making
15 creditsClass Size: 215
Module manager: Gulbanu Kaptan
Taught: Semester 2 (Jan to Jun) View Timetable
Year running 2023/24
|Effective Decision Making
This module is not approved as an Elective
Module summaryThis module will enhance your fundamental theoretical knowledge of decision making to allow a deeper appreciation of effective management decision making. Specifically, it focuses on the practical application of behavioural decision theory to complex, real world and managerial issues. The focus is on both understanding and improving decision making in these contexts. Domains for study include group decision making, bargaining and negotiation, public risk perception, effective risk communication and the implementation of structured decision aids.
ObjectivesBuilding on the fundamental theoretical knowledge of individual decision making acquired in LUBS5221M Effective Management Decision Making, this module aims to provide students with a deeper appreciation of effective management decision making. Specifically, it will focus on the practical application of behavioural decision theory to complex, real world and managerial issues. The focus will be on both understanding and improving decision making in these contexts. Domains for study include group decision making, bargaining and negotiation, public risk perception, effective risk communication and the implementation of structured decision aids.This module aims to contributes to the programme by offering the opportunity to develop decision analytic skills which can be applied in many diverse decisions domains, such as strategy, HRM, marketing, and management decisions more generally.
Upon completion of this module students will be able to critically assess:
- how group dynamics and specific group-related biases can inhibit effective group decision making and techniques to overcome this
- the theory of bargaining and negotiation from the decision analytic perspective, and demonstrate the ability to apply techniques to improve these activities
- the different conceptions of risk and its perception, and the implications of these for effective risk communication
- a range of sophisticated structured decision aids designed to improve human decision making at both theoretical and practical
- Assess the relevance of the issues presented above for managerial decision making in general, and for participants’ own professional and personal decision making in particular
Knowledge of, and skills for implementing, a range of sophisticated structured decision aids designed to improve human decision making. This is considered at both theoretical and practical levels through the use of applied techniques and specific software. This includes assessment of the feasibility of each in different environmental conditions and the strengths and limitations of each.
The ability to assess the relevance of the issues presented above for managerial decision making in general, and for participants’ own professional and personal decision making in particular.
Upon completion of this module students will be able to:
- Apply acquired skills of conceptual analysis and critical thinking for appraising, managing and communicating risk and in other contexts
- Apply acquired communication and bargaining and negotiation skills to demonstrate effective decision-making in groups and other scenarios
Group and team decision making; group process, decision rules, specific group biases, heuristics and related phenomena such as groupthink and group polarisation and how to enhance group practices and processes, such as electronic group decision making and the Delphi technique. We consider when and how groups are more effective than individual decision makers.
Structured decision aiding; why and how structured decision aiding can overcome the limitations of System 1 thinking. Practical examples include Simple Multi Attribute Rating Technique (SMART), decision trees, fault trees and scenario planning. We also consider the criteria of a choice situation which determine which decision aid is suitable and the limitations of structured decision aids.
Risk perception and communication within organisations and with the wider public. This includes fright factors and misinterpretation of small risks. Furthermore, we consider how to use research on risk perception to convey risk information accurately.
Decision-analytic approach to bargaining and negotiation, heuristics and biases used in this context, and how to become a more effective negotiator.
|Private study hours
|Total Contact hours
|Total hours (100hr per 10 credits)
Private studyThis could include a variety of activities, such as reading, watching videos, question practice and exam preparation.
Opportunities for Formative FeedbackYour teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.
Methods of assessment
|% of formal assessment
|Total percentage (Assessment Coursework)
The resit for this module will be 100% by 3,500 word coursework.
Reading listThe reading list is available from the Library website
Last updated: 03/05/2023
Browse Other Catalogues
- Undergraduate module catalogue
- Taught Postgraduate module catalogue
- Undergraduate programme catalogue
- Taught Postgraduate programme catalogue
Errors, omissions, failed links etc should be notified to the Catalogue Team.PROD