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Managerial Decision Making: Course Outline MPM-708

To reveal decision-making processes, models and frameworks for managerial decision-making.

Course Description

How are decisions actually made and how do these processes differ from the best or optimal methods for decision making? This course will contrast normative and descriptive theories of reasoning, judgment, and decision making. We will explore judgments of risk and uncertainty, including research on calibration, hypothesis testing, and heuristics and biases. An analysis of decision making will include a comparison of expected utility theory with the psychological model Prospect Theory. Other topics include preference reversals, affect and decision making, self-control, game theory, and moral decisions.

Recommended Text Books

Related Books

Course Outline

  • Introduction to Managerial Decision Making
  • Rational Approach to Managerial Decision Making
  • Problem Solving
  • Decision Trees
  • Game Theory
  • Probability
  • Normal Distribution
  • Expected Value
  • Brain and Lateral Thinking
  • Complexity of Brain
  • Brain Psychology
  • Logic
  • Simulations
  • Judgment in Managerial Decision Making
  • Belief and Critical Thought
  • Common Biases
  • Bounded Awareness
  • Islamic Guidelines in Change Blindness
  • Framing and Reversal of Preferences
  • Motivational and Emotional influence on decision making
  • Islamic Guidelines in Emotional Influances
  • Islamic Guidelines in Should Vs. Want Self
  • The Escalation of Commitment
  • Fairness and Ethics in Decision Making
  • Rational Decisions
  • Fairness and Ethics in Islamic Perspective
  • Decision  Making in risky scenarios
  • The paradox of choice
  • Riddle of Experience vs. memory
  • Feats of Memory
  • Hole in the Wall: Learning theory
  • Belief in weird things   
  • How to make stress your friend
  • Are we in control of our own decisions
  • Our loss of wisdom
  • Systemic Thinking
  • The demise of problems, solutions, and normal organizational life
  • Getting to grip with complexity
  • Systems of processes, structure, meaning, and knowledge power
  • Organizational learning and transformation