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  • MGM721Z W1S2 23W

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    Maduni Guruge
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    The document summarizes key topics from a seminar in decision theory including: - Distinguishing between decision, decision-making, judgment, and problems - Comparing good decisions based on reasoning and data versus bad decisions lacking these qualities - Explaining how rational decisions are made using most available information but may not lead to the best outcome, whereas right decisions have the best actual outcome but were not necessarily rational - Outlining the course structure and key models, processes, and theories that will be covered, such as decision matrices, fishbone diagrams, and game theory.

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    The document summarizes key topics from a seminar in decision theory including: - Distinguishing between decision, decision-making, judgment, and problems - Comparing good decisions based on reasoning and data versus bad decisions lacking these qualities - Explaining how rational decisions are made using most available information but may not lead to the best outcome, whereas right decisions have the best actual outcome but were not necessarily rational - Outlining the course structure and key models, processes, and theories that will be covered, such as decision matrices, fishbone diagrams, and game theory.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    18 views15 pages

    MGM721Z W1S2 23W

    Uploaded by

    Maduni Guruge
    The document summarizes key topics from a seminar in decision theory including: - Distinguishing between decision, decision-making, judgment, and problems - Comparing good decisions based on reasoning and data versus bad decisions lacking these qualities - Explaining how rational decisions are made using most available information but may not lead to the best outcome, whereas right decisions have the best actual outcome but were not necessarily rational - Outlining the course structure and key models, processes, and theories that will be covered, such as decision matrices, fishbone diagrams, and game theory.

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    of 15

    Graduate Certificate Program

    MGM 721
    SEMINAR IN DECISION THEORY
    Week 1
    Session 2: An Overview
    By the end of this session, you will be able
    to:
    • understand the relationship between the various
    topics to be covered in this course
    • distinguish between decision, decision-making,
    judgement, and problem
    • compare good decision with bad decision
    • identify the difference between right decision and
    rational decision
    Why

    When

    What
    Decision
    Theory

    How
    By Whom
    Good vs Rational vs
    MGM721 Bad Right
    Seminars in Why
    Decision Theory
    Course Structure
    When

    What
    Decision
    Theory

    How
    By Whom
    MGM721
    Seminars in
    Why
    Decision Theory
    Course Structure
    When Descriptive
    vs
    Causal vs
    Normative Evidential
    What
    Decision
    Theory

    How
    By Whom
    MGM721
    Seminars in
    Why
    Decision Theory
    Course Structure
    When

    What
    Decision
    Theory

    Statistics Bayesian IBM SPSS


    How
    By Whom

    Process Models Situations Ignorance

    Vroom & Decision


    Risk
    Jago Matrix
    8-Step Nominal Michael
    Decision group Porter
    Making
    Fishbone Disney
    Diagram Strategy
    MGM721
    Seminars in
    Decision Theory Why
    Course Structure
    When

    What
    Decision
    Theory

    How
    By Whom

    Within External
    Organization Environment

    Game
    Individual Group
    Theory
    Psychological Cognitive
    MGM721 Biases
    Seminars in
    Social Why
    Decision Theory
    Course Structure
    When

    What
    Decision
    Theory

    How
    By Whom
    Terminology
    Decision Making
    Problem
    The process of developing
    A discrepancy between and analyzing alternatives
    what we want and the and choosing from among
    reality. them.

    Judgment Decision
    The cognitive, or A choice made between
    “thinking,” aspects of the available alternatives.
    decision-making process.
    Good Decision Bad Decision
    Based on reasoning Not based on reasoning
    Consider all available Do not consider all
    data and possible available data and
    alternatives possible alternatives
    Employ a quantitative Do not employ a
    approach quantitative approach

     A good decision may occasionally result in an unexpected


    outcome; it is still a good decision if made properly
     A bad decision may occasionally result in a good outcome if
    you are lucky; it is still a bad decision
    Rational vs Right Decision
    A decision can be rational without being right and right without being
    rational.

    Right Decision Rational Decision


    • actual outcome of the • has most reason to do at
    decision is at least as the point in time at which
    good as that of other the decision is made
    possible outcome • Instrumental rationality
    (to do whatever one has
    most reason to expect
    will fulfil one’s aim)
    • Course structure
    • Decision, decision-making,
    Judgment, and problem
    • Good decision vs bad decision
    • Rational vs right decision
    Images:

    https://www.lacrosseschools.org/longfellow-middle/wp-content/uploads/sites/
    6/2014/01/thank-you.jpeg

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    Press-Release-Summary-and-Why-It-Matters.jpg

    Background music:

    Acoustic breeze https://www.bensound.com/

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