Tutorial 10 - Making Better Decisions.docx - [Type text Topic 22421 Management Decisions and Control Student guide[Type text Making better decisions

Tutorial 10 - Making Better Decisions.docx - [Type text...

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[Type text] 22421: Management Decisions and Control - Student guide [Type text] Topic: Making better decisions Summary of content: - Assumptions of rationality - Heuristics, biases and cognitive errors - Ethical decision making Weekly tutorial objectives: For students to: 1. Identify the biases, heuristics and decision errors that affect organisational decisions. 2. Identify the factors which influence decision making in organisations 3. Make recommendations for reducing the effects of biases, heuristics and decision errors in organisational decisions. Instructions to students: Reading (On UTSOnline) Article: Hammond, J.S., Keeny, R.L., Raiffa, H. (1998), The Hidden Traps of Decision Making, Harvard Business Review, 76(5), 47-58 Article: Bazerman, M.H. and Tenbrunsel, A.E. (2011), Ethical breakdowns, Harvard Business Review, 89(4), p58-65 Recommended further reading/watching: Article: Tversky, A. and Kahneman, D. (1974), Judgement under Uncertainty: Heuristics and Biases, Science, 185(4157), p.1124-1131 (Download via library website) Report: The Moral Imperative toward Cost-Effectiveness in Global Health (on UTSOnline) Revision questions 1. Why are heuristics problematic in managers’ decision-making? Why might they be helpful? a. 2. What is anchoring and how might it negatively affect our budgeting processes? 3. How can accounting help overcome the status quo bias? 4. Imagine yourself at graduation, thinking about what job opportunities you might pursue. At that point in time, if you decide to become an accountant you have an accounting degree, if you don’t become an accountant you have an accounting degree. Does that mean your degree is a sunk cost?
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