WM010-10 Robust Decision Making
Introductory description
This module aims to enable participants to understand how organisations make sound, evidence based decisions to support a business’s policy and strategy, and to satisfy and increase value for its customers and other stakeholders. In particular, it examines methods to ensure that any decisions made are as sound as they can be, which are also known as robust decisions. To this ends it introduces students to a number of quantitative decision making methods, explores the role of judgement in decision making and examines a number of decision support tools.
Module aims
This module aims to enable participants to understand how organisations make sound, evidence based decisions to support a business’s policy and strategy, and to satisfy and increase value for its customers and other stakeholders. In particular, it examines methods to ensure that any decisions made are as sound as they can be, which are also known as robust decisions. To this ends it introduces students to a number of quantitative decision making methods, explores the role of judgement in decision making and examines a number of decision support tools.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
What is a decision?
-Poor decision examples
-Good decision examples
Bias and problems in decision making
Decision Heuristics
Decisions in companies
Decision Strategies
Way to improve decisions making
Decision framing and cognitive inertia
Tools for Decision making
-Simple Decision Theory
-SMART (Simple Multi-Attribute rating Technique)
-Analytical Hierarchy Process
-Simulation
-Decision Trees
-Soft Systems Methodology
-Expert Systems
-Decisions involving Groups
-Other techniques
Overview of Decision Support Software Tools
Learning outcomes
By the end of the module, students should be able to:
- Critically review the decision-making process required to lead a business towards organizational excellence.
- Challenge the concept of rationality and understand the impact of emotion and cognition on decision making.
- Demonstrate knowledge of the application of decision-making tools and approaches for various problems in business and management.
- Understand how personality factors and group dynamics influence the decision-making process and thereby will become able to make better decisions.
Indicative reading list
See above link
View reading list on Talis Aspire
Subject specific skills
Psychology of decision making,
Group and individual evidence based decision making,
Decision making using statistics,
Transferable skills
Communication,
Teamwork,
Adaptability,
Decision making,
Study time
| Type | Required |
|---|---|
| Lectures | 6 sessions of 1 hour 30 minutes (9%) |
| Tutorials | 1 session of 1 hour (1%) |
| Supervised practical classes | 9 sessions of 1 hour 30 minutes (13%) |
| Online learning (scheduled sessions) | 4 sessions of 1 hour 30 minutes (6%) |
| Online learning (independent) | 7 sessions of 1 hour 30 minutes (10%) |
| Assessment | 60 hours (60%) |
| Total | 100 hours |
Private study description
No private study requirements defined for this module.
Costs
No further costs have been identified for this module.
You must pass all assessment components to pass the module.
Assessment group A3
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
|||
| Assessed work as specified by department | 100% | 60 hours | Yes (extension) |
|
3500 Words Post Module Assessment (100%) |
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Reassessment component is the same |
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Feedback on assessment
For post module work - reports on scripts returned to students, generic written feedback to
group
Courses
This module is Core option list B for:
- Year 1 of TESS-H10Z Postgraduate Taught Management for Business Excellence
This module is Option list A for:
- Year 1 of TESS-H1PU Postgraduate Taught International Technology Management
This module is Option list C for:
- Year 1 of TESA-H7PD Postgraduate Taught Supply Chain and Logistics Management (Home Fees)