Decision Making Application

BUMGT5980 - Managerial decision making - S1 2015 Assessment Task 4 – Decision Making Application

Due date:31 May 2015
Word limit:3000 words excluding reference list and appendices Weighting/Value:40%

Part 1 – Essay – 20% value:

1500 words excluding references

“The capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world—or even for a reasonable approximation to such objective rationality”(Simon, 1957, p. 198).

Discuss Simon’s quote in reference to a critical examination of four discrete concepts (covered in this course) that may explain bias in decisions.

Part 2 – Case study – 20% value:

1500 words excluding references

Describe a specific decision making scenario (e.g.,real-worldapplication) applicable to each of the four concepts examined in Part 1. You may use four different scenarios here (one for each concept), one general scenario (applied to each concept), or anything in between. For each concept, explain (1) how bias is recognised or identified in the scenario, (2) methods by which bias may be measured or evaluated in the scenario, (3) strategies to address, ameliorate or overcome bias in the scenario, and (4) how this process may improve decision outcomes in the scenario.

Part 1 and 2 should be clearly separate although Part 2 discussion may refer to the Part 1.

Part 1 provides a theoretical treatment (critical examination) of each concept and should follow essay format. Part 2 provides an applied treatment encompassing relationship of theory and practice in a real-world situation.

The structure of presentation may is open - but this is to be in written form (e.g., report or case study format).

Students should consult the general guides for marking essays –linksplus the ‘General Guide to Writing and Study Skills’ available on the course website

A marking guide for assessment 4 is provided at a separate link.