Course description

Judgment and Decision Making in Organisations

Introduction

Despite the fact that decision-making is an integrative part of most managersÂ’ professional lives, most managers have never had any systematic training in how to make decisions. Judgment and decision making research shows that decision makers repeatedly make the same types of mistakes and errors when making decisions. By focusing on decision making failures and how decisions are actually made by individuals, groups and organisations, the objective of this course is to improve participantsÂ’ ability to make decision, as well as their capacity to observe and learn from decision-making processes.

Course content

  • The psychological foundations of judgment and decision-making
  • Problem formulation and psychological context
  • Normative and descriptive models of individual judgment and decision making
  • Cognitive heuristics and biases
  • Individual differences in judgment and decision-making
  • Group dynamics and group decision-making
  • Strategic and organisational decisions
  • Decision making tools

Learning outcome knowledge

  • Understand the concept of decision making
  • Know about the cognitive foundations for decision making
  • Know fundamental flaws in assumptions of rational decision making models
  • Understand the relevance and scope of behavioral decision making at different levels of aggregation, for micro to macro
  • Know about important heuristics and decision making techniques
  • Know about individual differences and implications for decision making
  • Understand implications for organizing for decision making in organisations

Exam organisation

  • Presentation: 20%
  • Written assignment: 80%