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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:

  • Understand the decision making process and how it contributes to excellence
  • Challenge the concept of rationality and thereby be able to understand and avoid common pitfalls and traps in decision making.
  • Become aware of the various factors that could influence the quality of a decision.
  • Understand the impact of emotions and cognition on decision making.
  • Be able to apply a range of higher-level cognitive skills and use their emotional intelligence to make better decisions.
  • Be able to apply different approaches/tools to particular decision problems and identify the assumptions, advantages and disadvantages of each.
  • Become familiar with the dynamics of group decision making.
  • Develop and demonstrate practical skills in applying tools for various practical decision making problems in business and management.

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.