In today’s dynamic environment managers are confronted with decision problems of serious consequences. Survival and long-term success depend on finding the correct solution.
Most managers and executives will rank decision-making high on their list of attributes of success in management. Although it is almost a natural part of their jobs, automatic like breathing, it is worth remembering that mastery of the skills of decision-making is as vital as clean air and deep breathing.
Researchers and trainers usually place the emphasis on evaluating the various alternatives of making a decision. This course does more than that – it examines the discovery and analysis of problems, the development of alternatives, and the evaluation of consequences.
Mathematical approaches are not central to the discussion. We proceed with the understanding that before mathematical models are built, we must first tackle the significant task of structuring the problem correctly.
Ever since decision theory was introduced in 1960 by Raiffa and Schleifer, it went through a series of complex mathematical models and applications in commerce, industry and medicine. What trickled down to managers was the analysis of decision trees. Here, in this course, these are seen in the context of the more significant decisions of multiple objectives.
The course examines the optimization of outcomes with decisions of multiple objectives, options and trade-offs, as well as the attitude toward risk. In addition to quantitative aspects, the course reviews the psychological aspects and behaviors of group decision-making.