The University of Southampton
Courses

MANG1008 Managerial Decisions

Module Overview

This module considers generic aspects of decision processes that take place in personal, professional and organisational contexts. The module provides students with an appreciation of key issues and behaviours that pervade all areas of judgment and decision-making. An appreciation of these issues and behaviours is important because they influence the capacity to achieve economic, environmental and social objectives.

Aims and Objectives

Module Aims

The key aims are to: - Describe the nature of decision processes. - Provide an appreciation of the difficulties inherent in making good quality decisions. - Consider how the quality of decision-making processes in general can be improved. - Consider the design of decision processes and supporting analysis. An appreciation of key issues and behaviours that pervade all areas of decision-making activity is important because they influence the development and effectiveness of specific decision-making approaches and techniques.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • The nature of decision processes using a basic framework;
  • Why information acquisition for decision-making can be ineffective and inefficient;
  • The nature of heuristics and how they can bias decisions;
  • How to assess subjective probabilities;
  • The nature of risk aversion, risk seeking behaviour and loss aversion, and the implications for decisions;
  • How groups and competitive situations affect decision-making;
  • Understand the importance of underlying assumptions in decision models and importance of individual difference in risk-taking behaviour;
  • Appreciate the relative strengths of decision models and be able to apply them in a systematic manner.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • Critically evaluate the relative strengths of a variety of decision-making techniques;
  • Apply appropriate decision-making models in order to select optimal strategies in situations involving uncertainty;
  • Use simple techniques for coping with multiple decision criteria;
  • Evaluate complex decision alternatives using decision trees and associated sensitivity analysis;
  • Critically evaluate the role of information in improving managerial decisions.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • Undertake quantitative modelling; assess decisions in structured manner, critical analysis, and written communication;
  • Make effective decisions;
  • Use rational decision-making processes.

Syllabus

Part 1 Decision processes: Context of managerial decisions, Decisions as a generic process, Information processing, Heuristics and biases, Subjective probability elicitations, Group decision-making, Competitive decision-making. Part 2 Decision analysis: Decision-making under risk and uncertainty, Coping with multiple decision criteria, game theory and negotiation, Uncertainty and decision tree models and their use in valuing information, The effect of different attitudes to risk, Risk efficient choices using stochastic dominance.

Learning and Teaching

Teaching and learning methods

- Lectures - Classes - Plenary sessions delivered by guest speakers - Independent study

TypeHours
Lecture30
Revision36
Wider reading or practice76
Practical classes and workshops4
Preparation for scheduled sessions4
Total study time150

Resources & Reading list

Goodwin, P. & Wright, G (2014). Decision Analysis for Management Judgement. 

Assessment

Formative

Peer Group Feedback

Summative

MethodPercentage contribution
Examination  (2 hours) 100%

Repeat

MethodPercentage contribution
Examination  (2 hours) 100%

Referral

MethodPercentage contribution
Examination  (2 hours) 100%

Repeat Information

Repeat type: Internal & External

Costs

Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

Textbooks

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase the core/recommended text as appropriate.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.

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