You may select any four of the many concepts that are covered in this course for the assignment. Parts 1 & 2 should cover the same

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You may select any four of the many concepts that are covered in this course for the assignment. Parts 1 & 2 should cover the same four concepts.

Notes and suggested essay structure - final assignment

You may select any four of the many concepts that are covered in this course for the assignment. Parts 1 & 2 should cover the same four concepts.

Having access to the text book ‘ Judgment in Managerial Decision Making’ is vital to be able to work through this assignment.

The main concepts that we have discussed are;

• Judgment and decision making processes
• System 1 & 2 thinking
• Bounded Rationality (Simon`s Theory)
• Judgment Heuristics (there are 4 types described in the book + many biases related to them)
• Biases (we have discussed 6 different ones in the course – see Moodle).

Chapter 1 introduces all the above concepts. The rest of the book goes into the detail.

Part 1 - notes

Looking at the source of Simon`s  1957 quotation (pdf on Moodle – page 198) it is clearly stated that the quote is describing the principle of bounded rationality.

Chapter 1 of the text book especially pages 5 & 6 discuss Simon`s work on bounded-rationality and talks about "how we satisfice" in our decision-making or judgement. 

The assignment asks you to ‘discuss Simon’s quote in reference to a critical examination of four discrete concepts (covered in this course) that may explain bias in decisions’.

A suggested essay outline may look like this:

Introduction ( include the aim of your essay)

Part 1:

Summary of Simon’s theory

Concept 1: (Describe and discuss all four in relation to Simon’s theory)

Concept 2:

Concept 3:

Concept 4:

Summarise this in regard to the importance/value/learnings for management decision-making

Conclusion

References

The Course Coordinator suggests that students should include something on heuristics. A student that has started on the assignment has written about 2 biases and 2 heuristics.

Part 2 - notes

The concepts you select for this section must be the same as for Part 1. As you have described them in detail in Part 1 you do not need to describe them in detail in this section. A brief summary is sufficient.

You need to illustrate them with a workplace decision-making scenario(s). Read the Course Description for instructions. The book chapters include many examples which will help in describing a scenario (specific case study of a problem).

You will see that I have omitted the second question about measurement and evaluation in the essay outline below as the course has not covered this. If you would like to answer this section, please do.

A suggested essay outline may look like this (the structure will vary depending on whether you choose one or more scenarios to  illustrate your concepts)

Introduction

Part 2

Concept 1

Describe scenario

Explain:

• How bias is recognised or identified in the scenario,
• Strategies to address, ameliorate or overcome bias in the scenario,
• How this process may improve decision outcomes in the scenario.

Concept 2:

Describe scenario

Explain:

• How bias is recognised or identified in the scenario,
• Strategies to address, ameliorate or overcome bias in the scenario,
• How this process may improve decision outcomes in the scenario.

Concept 3:

Describe scenario

Explain:

• How bias is recognised or identified in the scenario,
• Strategies to address, ameliorate or overcome bias in the scenario,
• How this process may improve decision outcomes in the scenario.

Concept 4:

Describe scenario

Explain:

• How bias is recognised or identified in the scenario,
• Strategies to address, ameliorate or overcome bias in the scenario,
• How this process may improve decision outcomes in the scenario.

Summarise this in regard to the importance/value/learnings for management decision-making.

Conclusion

References