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Robust Decision Making

INTRODUCTION

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:

  • Understand the decision making process and how it contributes to excellence.
  • Understand and be able to identify factors that influence the quality of a decision and understand how to use these factors to make a better decision.
  • Have knowledge, & understanding, of common decision making pitfalls and traps and understand how to avoid or mitigate them
  • Understand the main phases of a number of quantitative decision-making process and their computerized support
  • Be able to apply different approaches to particular decision problems and identify the assumptions, advantages and disadvantages of each approach;

CONTENTS

  • What is a decision?
  • Decisions in companies
  • Bias and problems in decision making
  • Decision Heuristics
  • Decision Strategies
  • Way to improve decisions making
  • Decision making tools
  • Group Decision making
  • Overview of Decision Support Software Tools