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Robust decision making

Aim

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, often 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.

OBJECTIVES  

On completion, participants will be capable of:

  •     Understand the problem solving and decision making process
  •     Be able to identify factors hat influence the quality of a decision
  •     Avoid common decision making pitfalls and traps
  •     Understanding the main phases of the decision-making process and its computerized support;
  •     Apply a range of higher-level cognitive skills including analysis, synthesis and evaluation;
  •     Apply different approaches to particular decision problems and identify the assumptions, advantages and disadvantages of each approach;
  •     Develop and demonstrate practical skills in applying tools for various practical decision-making problems in business and management.


CONTENTS

  •     What is a decision?
  •     Decisions in companies
  •     Bias and problems in decision making
  •     Decision Heuristics
  •     Decision Strategies
  •     Way to improve decisions making
  •     Tools for Decision making
    •     Simple Decision Theory
    •     SMART (Simple Multi-Attribute rating Technique)
    •     Analytical Hierarchy Process
    •     Simulation & Expert Systems
    •     Decision Trees
    •     Soft Systems Methodology
    •     Other techniques
  • Group Decision making
  • Overview of Decision Support Software Tools