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Decision Making for Leaders (BUSA90515)
Graduate courseworkPoints: 6.25Not available in 2024
Overview
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Senior Managers today have to make decisions that lead to outstanding performance in a complex dynamic environment. Information Technology seems to provide so much data that answers to organisational problems are often obscured rather than highlighted. Important decisions cannot be left to intuition alone. We need to evaluate different courses of action, make recommendations and communicate the structure of our reasoning. We often have to defend our choices and make presentations that show we have done a thorough analysis. We also need to make sense out of various sources of data and organise the inputs of experts and colleagues.
This unit will address the descriptive part of decision-making. This science is grounded in psychology. Specifically, we will present the many heuristics and biases that people have while making judgements, a research programme for which Daniel Khaneman won the Nobel Prize in Economics in 2002 for joint work with Amos Tversky. Complementary to this, we will also discuss the prescriptive part of decision-making, which discusses how people should make decisions. This science is grounded in mathematics and statistics. We will develop your personal effectiveness skill at making decisions, moving on to increasing your effectiveness of leading groups towards effective decision-making.
Intended learning outcomes
On successful completion of this program, students should be able to understand:
- how to implement a structured decision making process
- how to identify good decisions in the face of uncertainty
- how to define, measure and manage risk to enhance strategic competence
Generic skills
- Capacity to analyse and synthesize information and develop strategies.
- Critical thinking and problem solving skills.
Last updated: 30 January 2024
Eligibility and requirements
Prerequisites
None
Corequisites
None
Non-allowed subjects
None
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 30 January 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Written assignment showing the application of the decision making principles covered to a current organisational issue with key learnings identified
| 4 Weeks after the end of teaching | 80% |
Reflective diary - Delegates to note down the two key ideas from the preceding two days that resonate most with their current challenges and to explain the reasons for these to a learning partner with the partner to reciprocate
| Completed toward the end of the second day (30 minutes) and to be collected by the facilitator at the end of day two and marked | 10% |
Executive Summary translating the key insights from the essay into a format that is compelling for board/executive-level colleagues
| To be submitted with the written assignment | 10% |
Last updated: 30 January 2024
Quotas apply to this subject
Dates & times
Not available in 2024
Time commitment details
85 hours
Last updated: 30 January 2024
Further information
- Texts
Prescribed texts
A study guide with readings and cases will be provided before the commencement of the subject.
- Links to additional information
Last updated: 30 January 2024