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Managerial Decision Making

Decision Application – individual task - essay and report format

1. “The capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world—or even for a reasonable approximation to such objective rationality” (Simon, 1957, p. 198).

Discuss Simon’s quote in reference to a critical examination of four discrete concepts (covered in this course) that may explain bias in decisions.

2. Identify a decision-making scenario (e.g., real-world application) applicable to each of the four concepts examined in Part 1. You may use four different scenarios here (one for each concept), one general scenario (applied to each concept), or anything in between. Briefly describe the scenario and then, for each concept, explain (1) how bias is recognised or identified in the scenario, (2) methods by which bias may be measured or evaluated in the scenario, (3) strategies to address, ameliorate or overcome bias in the scenario, and (4) how this process may improve decision outcomes in the scenario.

Habilidades: Análise de Negócios, Elaboração de relatórios, Pesquisa, Research Writing, Redação técnica

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