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Decision Making

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Decision Making

Instructeur : André Nardy

Inclus avec

5 modules

Obtenez un aperçu d'un sujet et apprenez les principes fondamentaux.

niveau Intermédiaire

Certaines connaissances prérequises

3 semaines à compléter

à 10 heures par semaine

Planning flexible

Apprenez à votre propre rythme

5 modules

Obtenez un aperçu d'un sujet et apprenez les principes fondamentaux.

niveau Intermédiaire

Certaines connaissances prérequises

3 semaines à compléter

à 10 heures par semaine

Planning flexible

Apprenez à votre propre rythme

Ce que vous apprendrez

Clarify the concept of decision-making in the context of organizations and its relevance for the managerial role.
Understand what are rational decisions, decision processes, decisions under risk, and the limits to our rationality in decision-making
Learn how to apply techniques to improve decision quality, such as PROACT, Decision Trees, Certainty Equivalent, Problem Solving Cycle, and MAP.

Compétences que vous acquerrez

Catégorie : Decision Making
Catégorie : Probability
Catégorie : Risk Analysis
Catégorie : Decision Tree Learning
Catégorie : AI Enablement
Catégorie : Risk Management
Catégorie : Virtual Teams
Catégorie : Behavioral Economics
Catégorie : Psychology
Catégorie : Organizational Strategy
Catégorie : Complex Problem Solving
Catégorie : Decision Intelligence
Catégorie : Decision Support Systems
Catégorie : Strategic Decision-Making

Détails à connaître

Certificat partageable

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Évaluations

24 devoirs

Enseigné en Anglais

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Il y a 5 modules dans ce cours

In this course, you will learn the concept of decision making from the rational and psychological points of view. We will discuss the limits to rationality; the interplay between emotional thinking and rational thinking when making decisions; the systematic errors provoked by our cognitive biases and by the use of heuristics; the role of emotions and intuition in decisions; the aleatory errors (noise); and possible remedies and leverage on all these aspects when making decisions.

Détails du module

In this first week of the course, you will learn the concept of decision making from the rational and psychological points of view. We will discuss the limits to rationality; the interplay between emotional thinking and rational thinking when making decisions; the systematic errors provoked by our cognitive biases and by the use of heuristics; the role of emotions and intuition in decisions; the aleatory errors (noise); and possible remedies and leverage on all these aspects when making decisions.

Inclus

16 vidéos3 lectures5 devoirs1 sujet de discussion

16 vidéosTotal 93 minutes

Why making decisions?5 minutes
What is a decision?4 minutes
A decision process and a decision criteria3 minutes
Models for decision making: humans and econs6 minutes
Subjectivity and objectivity7 minutes
Bounded rationality3 minutes
Judgment and decision making2 minutes
Limits to rationality: heuristics, biases, satisfice, system 1 and system 2, and intuition14 minutes
Common biases in decisions15 minutes
Availability heuristics5 minutes
Egocentric bias2 minutes
Planning fallacy6 minutes
Sunk cost4 minutes
Affective heuristics3 minutes
Debiasing and its limits8 minutes
Complement: Noise8 minutes

3 lecturesTotal 65 minutes

Syllabus5 minutes
Personality traits and decision styles30 minutes
Intertemporal choices and time preferences30 minutes

5 devoirsTotal 70 minutes

Graded quiz: Decision making in organizations and limits to rationality30 minutes
Practice quiz: Decision making in organizations10 minutes
Practice quiz: Heuristics and Biases I10 minutes
Practice quiz: Heuristics and Biases II10 minutes
Practice quiz: Noise10 minutes

1 sujet de discussionTotal 15 minutes

Judgment vs Decision making15 minutes

Week 2 will focus on rational decision-making processes to improve decision abilities and organizational capabilities. We will explore the PrOACT and Problem Solving Cycle methods.

Inclus

16 vidéos3 lectures4 devoirs

16 vidéosTotal 67 minutes

PrOACT I: A Decision making process2 minutes
PrOACT I: Context and steps to use the PrOACT1 minute
PrOACT I: Define the problem4 minutes
PrOACT I: Objectives6 minutes
PrOACT II: Alternatives8 minutes
PrOACT II: Consequences4 minutes
PrOACT II: Examine the tradeoffs8 minutes
Decision making from a problem solving approach2 minutes
The scope of problem solving6 minutes
Contextual facts2 minutes
Define the problem4 minutes
Structure the problem8 minutes
Prioritize and plan4 minutes
Analysis2 minutes
Synthesis and solution proposition4 minutes
Propose solution1 minute

3 lecturesTotal 75 minutes

Even swaps15 minutes
How to master the seven steps of problem solving30 minutes
Six problem solving mindsets for very uncertain times30 minutes

4 devoirsTotal 61 minutes

Graded quiz: Decision making process and problem solving20 minutes
Practice quiz: PrOACT - Problem Framing and Objective1 minute
Practice quiz: PrOACT - Problem Alternatives, Consequences, and Tradeoffs10 minutes
Practice quiz: Problem solving cycle30 minutes

In this week, we will explore decision analysis as a tool to support rational decision making, the role of uncertainty, risk, and probabilistic decision making, employing simple decision trees, sensitivity analysis and attitudes towards risk.

Inclus

10 vidéos8 lectures5 devoirs

10 vidéosTotal 41 minutes

What is decision analysis?2 minutes
What is a good decision from a rational analytical?4 minutes
Influence diagram3 minutes
Probabilities and decision tree2 minutes
Decision analysis application: An example of application8 minutes
Decision analysis application: Solution4 minutes
Decision analysis application: Solution II5 minutes
Value of money over time5 minutes
Sensitivity analysis2 minutes
The merit of using rational techniques in decision making7 minutes

8 lecturesTotal 115 minutes

The value of perfect information10 minutes
Complementary reading: Decision analysis10 minutes
Linked decisions10 minutes
Risk profile and risk analysis10 minutes
Expected value and attitudes towards risk15 minutes
Maximization and utility function10 minutes
Prospect theory20 minutes
Case for staff graded assignments in weeks 3 to 530 minutes

5 devoirsTotal 240 minutes

Graded quiz: Decision analysis30 minutes
Decision analysis (individual)180 minutes
Practice quiz: Decision analysis concepts10 minutes
Practice quiz: Decision analysis application10 minutes
Practice quiz: Decision analysis additional concepts10 minutes

In the fourth week of the course the attention is on the dynamics of groups and its effect on decisions made in different types of groups. Biases and social behavior interplay and create new challenges. Virtual teams and different configurations of group decision making are also explored. Processes and practices to deal with these challenges are also presented this week.

Inclus

12 vidéos5 lectures5 devoirs

12 vidéosTotal 158 minutes

Decision making in groups: Concepts I3 minutes
Processes to help debiasing decisions in groups4 minutes
Organizational decision making in groups2 minutes
Sharing and aggregating information in groups I7 minutes
Sharing and aggregating information in groups II3 minutes
Strategies to make better decisions in groups17 minutes
MAP - Mediating Assessment Protocol17 minutes
Virtual teams9 minutes
Decision in groups and biases5 minutes
Nudge9 minutes
Ethics and Decision Making14 minutes
Recording of Decision Making Live Session on 22-06-02 20:14:56 [08:30]69 minutes

5 lecturesTotal 95 minutes

The dynamics of decision making in groups30 minutes
Typology of groups15 minutes
Nudge, Not Sludge10 minutes
Cooperation20 minutes
Fairness20 minutes

5 devoirsTotal 250 minutes

Graded quiz: Decision making in groups30 minutes
Decision making in groups (in teams)180 minutes
Practice quiz: Decision making in groups concepts10 minutes
Practice quiz: Decision making in groups practice20 minutes
Practice quiz: Nudge | Ethics in decision making10 minutes

Social, technological and economic changes bring new challenges and are transforming the role of management and the way decisions are made in organizations. This module brings three dimensions of these changes: complexity and chaos; hypothesis formulation and experiments; and the role of artificial intelligence in decision making.