BUS9040-B, MGT9703, MGT9703-B Decision Analysis for Managers/ Managerial Decision Making

Introduction

Decision analysis is the science and art of designing or choosing the best alternatives  based on the goals and preferences of the decision maker (DM) and to do this well is a  fundamental skill for managers at every level in the organisation. But decisions are often  hard to make in the presence of multiple objectives, uncertainty about the future, and  differences of opinion among key players. For decisions that require large amounts of  resources and commitments, the weight of responsibility felt by the decision maker can be  heavy, especially when the consequences require considered judgements about trade-offs  between benefits, risks and costs. The aim of this module is to enhance the students’  decision capabilities when confronted with strategic or operational choices. Students will  learn how decision analysis tools can be used to structure and analyse decision problems  and how a mix of data and judgment can help decision makers to better achieve their  objectives. The main focus of the course is on practical management problems.

Learning Outcomes

On completion of the module, you should be able to: 
LO1 Demonstrate an understanding of what makes good decisions outcomes

LO2 Critical appreciation of the challenges involved in making decisions characterised  by uncertainty and or the presence of multiple objectives
 
LO3 Systematically structure and analyse decision problems 

LO3 Apply appropriate decision analysis tools and effectively communicate the results 

In addition to module specific outcomes, selected modules within Lincoln International  Business School are required to deliver and assess particular core competencies  associated with our mission as an AACSB Accrediting Business School; and as such  reflect core skills and knowledge sets associated with being a graduate in business  management. There are twelve core competencies, and these are distributed across  modules associated with each programme. Each core competency is assessed through  the assessment(s) for a module and is identified on relevant the Assessment Rubric. The  assessment of these core competencies is not weighted (they don’t contribute to your  grade) but is assessed on the basis of proficiency/non-proficiency. If you find yourself not  achieving proficiency then this will not directly affect the outcome for a module but is an  opportunity for you to reflect on your own development and how you can work towards  proficiency at a later opportunity. We will also reflect on the overall outcomes for modules  and programmes and seek to enhance our teaching, learning and assessment as a result.  
  
The Core Competencies assessed in this module are as follows:

AoL CC5 Data Analytics - Apply data analytics to tackle and solve demanding problems  in original ways  
AoL CC6 Technological Agility - Select and apply appropriate technologies  to support reasoned, responsible decision-making.