21953 Decision Making Uncertainty
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Credit points: 3 cp
Subject level:
Postgraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Description
This subject introduces students to diverse ways of assisting people to make decisions in organisational settings. The key themes of uncertainty and ambiguity are emphasised in all stages of the decision-making process, right from identifying stakeholder needs and acquiring relevant data through to supporting decision making and influencing stakeholder behaviours. Using both hard and soft systems thinking approaches, the subject explores quantitative and qualitative decision making methods and discusses the practical challenges to rational decision making. Most importantly, the subject helps students develop an understanding of the different types of decision problems they are likely to encounter in their professional lives and the diverse approaches that can be used to tackle them.
Subject learning objectives (SLOs)
| 1. | evaluate different types of uncertainty in real-life decision settings |
|---|---|
| 2. | analyse the difference between uncertainty and ambiguity and how it affects decision-making in organisations |
| 3. | perform quantitative estimates using Monte Carlo simulation |
| 4. | develop sensemaking skills to tackle complex decision scenarios |
Contribution to the development of graduate attributes
This subject introduces students to diverse ways of making decisions in uncertain and ambiguous organisational settings. Using both a hard and soft systems thinking approaches, the subject explores various decision analysis methods and discusses the practical challenges to rational decision making. It prepares students for working with multiple stakeholders.
This subject contributes to the development of the following graduate attributes:
- Intellectual rigour and innovative problem solving
- Communication and collaboration
Teaching and learning strategies
The subject is delivered through a mix of online learning, three live online webinars and online consultations. The subject features a mix of theoretical concepts and applications in the contemporary context that is designed to enhance knowledge and capabilities in business administration. Students have access to online resources, and self-directed learning activities and are expected to study online content provided via the UTS learning management system. They are required to complete online learning activities, which will help identify knowledge gaps and inform discussions. Webinars are designed to present the theory and practice of the subject’s content. Students are required to complete pre-work activities before attending webinars. Discussions focus on the application of concepts, techniques and tools. Ongoing general and individual feedback will be provided throughout the subject via consultation sessions. A summative assessment provides feedback on students' comprehension and application of learning. Students also receive formal feedback on assessment tasks.
Content (topics)
- Understanding uncertainty and ambiguity in business
- Decision making under uncertainty
- Sensemaking and the art of decision making in ambiguous situations
- Critical analysis of stakeholder perspectives
Assessment
Assessment task 1: Report: Monte Carlo Simulation exercise (Individual)
| Objective(s): | This addresses subject learning objective(s): 1 and 3 |
|---|---|
| Weight: | 50% |
| Criteria: |
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Assessment task 2: Sense making exercise (Individual)
| Intent: | This develops Program Learning Objective/s – 3.2 |
|---|---|
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
| Weight: | 50% |
| Criteria: |
|
Minimum requirements
Students must achieve at least 50% of the subject’s total marks and complete all assessments.
Required texts
No specific textbook. A range of resources will be compiled including academic and non-academic publications.
References
Ariely, D. (2008). Predictably irrational. New York: HarperCollins.
Kahneman, D. (2011). Thinking, fast and slow. Macmillan.
Silver, N. (2012). The signal and the noise: Why so many predictions fail but some don't. Penguin.
Culmsee, P., & Awati, K. (2013). The Heretic's Guide to Best Practices: The Reality of Managing Complex Problems in Organisations. iUniverse.
Culmsee, P. and Awati, K. (2016). The Heretic's Guide to Management: The Art of Harnessing Ambiguity, Heretics Guide Press.