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Robust Decision Making

INTRODUCTION

This module aims to prepare participants for the complex decisions they will make as future leaders. Through various activities, exercises and seminars, participants have the opportunity to explore the decision making process and apply knowledge to solve decision problems in business and management. To this end, they are introduced to a number of quantitative and qualitative decision making methods and tools, the role of cognition and emotion in decision making, the concept of group decision making as well as various factors that can affect the quality of a decision. Ultimately, participants will understand how individuals and teams make sound, evidence-based decisions to support a business’s policy and strategy, and thereby increase value for customers and other stakeholders.

OBJECTIVES

On completion, participants will:

  • Apply the decision making process to lead a company towards organisational excellence.
  • Challenge the concept of rationality and thereby be able to understand the impact of emotion and cognition on decision making.
  • Demonstrate practical skills in applying decision making tools 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.

CONTENTS

  • The decision making process.
  • Bounded rationality, heuristics and biases in decision making.
  • Problem analysis and idea generation.
  • Quantitative and qualitative decision making methods and tools.
  • The impact of emotion on decision making.
  • Group decision making.
  • Decisions in companies.
  • Ways to improve decision making.
  • Overview of decision support software tools.