Chapter 3 MANAGERIAL DECISION MAKING - Chapter 03...

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Unformatted text preview: Chapter 03 - Managerial Decision Making Chapter 3 MANAGERIAL DECISION MAKING KEY STUDENT QUESTIONS Managerial decision making in textbooks is heavily theory driven, and most students want to know more about the practical ins and outs of day-to-day decision making. Two questions drive a host of other concerns: a 1. How can I make good decisions? 2. How can I make sure I dont fall into the decision-making traps you are describing when you talk about things like psychological biases and time pressures? To make good decisions, students have to master the art of rational decision making, as well as learning to recognize, avoid, and, if appropriate, use, common decision-making pitfalls. Point out that while it is never possible to make the perfect decision - training in these areas can help people to make better decisions. A variety of practical suggestions for avoiding decision-making pitfalls can be found in the example for Objective 3 in the Class Roadmap. While these suggestions are not research based, students will respond to their no- nonsense advice based on real-world experience. CLASS PREWORK ASSIGNMENT OPTIONS OPTION 1: PART 1 SUPPORTING CASE: SSS SOFTWARE IN-BASKET EXERCISE Instructions and answers for the SSS Software In-Basket can be found at the end of this chapter of the IM, or by clicking here. OPTION 2: EXAMINING A DECISION Prior to class, ask students to write a brief paragraph describing a problem they had within the past year or two which required a major decision. After describing the problem, students should make a list of all the alternatives they considered prior to making a final decision. Have the students use their problems and decisions when 3-1 Chapter 03 - Managerial Decision Making answering Student Discussion Questions 2, 3, 5, 7, 11, and when discussing the pitfalls people can encounter during the decision-making process. Teaching Tip : One way of demonstrating both brainstorming and the effects of group decision making in large lecture sections is to divide students into small groups of no more than five people. Ask each person in the group to briefly describe the problem they faced, without telling the rest of the group what decision they finally made, Have the group pick a problem, and brainstorm solutions, then, as a group, pick the best solution to the problem. Then, the group should compare their decision with the decision of the person who brought the problem to the group, and discuss the differences between the solution proposed by the group and the solution developed by the individual. In this way, students can vividly see that group discussion/brainstorming tends to generate more alternatives to a problem, and that groups are likely to develop different solutions to problems than individuals....
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This note was uploaded on 11/05/2009 for the course MGMT MGMT 330J taught by Professor Kinbonine during the Spring '09 term at Columbia College.

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Chapter 3 MANAGERIAL DECISION MAKING - Chapter 03...

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