Devry MGMT530 Week 1 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Defining |
What is the difference between problem solving and decision
making? What are the key aspects to defining the problem for a decision
situation?
Give an example of a decision problem that you are currently dealing with.
dq 2
|
Enabling |
What role does ability, willingness, insight, and commitment play
in the decision-making process? How can constraints and other underlying
elements complicate the decision-making process?
Relate an experience from your work.
Devry MGMT530 Week 2 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Defining |
Why is it important to define clear objectives for the decision
situation? How can you ensure that you have identified all the appropriate
alternatives? Give an example of a problem that you are in the process of
deciding or have decided on in the past—identify the objectives and
alternatives.
dq 2
|
Intuition |
What role does intuition play in decision making? What role does
quantitative data play in decision making? Identify a decision situation in
which you used both intuition and data for your analysis of the situation.
Devry MGMT530 Week 3 discussion dq 1&
dq 2 Latest 2016 may
dq 1
|
Understanding |
Why can it be difficult to identify consequences for each
alternative and objective? What techniques can be used to simplify the process?
Describe a decision situation in which you made tradeoffs to simplify the
alternatives. Did you use the even-swap method, weighted scoring model, or
another approach?
dq 2
|
Decision |
What process does your organization use to make decisions? Do you clearly
identify the problem, objectives, alternatives, consequences, and tradeoffs?
What special techniques or tools do you use in your process?
Devry MGMT530 Week 4 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Defining |
How does your organization assess
uncertainties in your decision-making process? What are the benefits to using
decision trees to assess uncertainties?
Provide an example where uncertainties played a major role in a decision
situation.
dq 2
|
Decision Making Styles |
What is your primary decision-making style? What is your
manager’s primary decision-making style? What approaches and tricks have you
learned to persuade your manager?
Devry MGMT530 Week 5 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Risk |
Describe your risk profile—risk
seeking, risk neutral, or risk averse. What are the pitfalls of your risk
attitude? How can knowing your manager’s desirability curve come in handy
during the decision-making process?
dq 2
|
Sharing Risk with |
Describe a decision situation in which you have shared risk
with an internal or external business partner. What were the conditions of the
shared risk? Explain why the arrangement was successful or not.
Devry MGMT530 Week 6 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Linked |
Describe a decision situation that involved linked decisions. What
flexible plans did you use for the subsequent decision?
dq 2
|
Course |
Briefly describe your problem and post a brief PowerPoint
presentation that summarizes your Course Project no later than Tuesday.
Give feedback to (at least) two other students’ presentations for your
remaining posts. Be sure to post on a total of three different days.
Devry MGMT530 Week 7 discussion dq
1& dq 2 Latest 2016 may
dq 1
|
Psychological Traps (graded) |
Provide a real-life example of one
of the traps discussed in the text or the lecture. What can be done to avoid
that trap in the future?
dq 2
|
Estate Case Analysis (graded) |
This week, we move from the
theoretical to the real world.
The following group decision problem scenario is outside of the formal
organizational structure but highlights the difficulty in making decisions in
group settings and the need to collectively arrive at a group decision-making
process.
Estate Case Decision Problem Scenario
The matriarch of a family passes away after a long illness, leaving a house
that needs major repair work, a few antiques, and a small insurance
policy.
In her Will, she bequeaths everything equally to her three grown children (two
sons and a daughter), but leaves no instructions on how to go about the
disbursement of the estate.
The three children have drifted apart over the years and are not very close,
but are cordial to one another. The eldest son, who lives locally, is named the
executor of the Will. He is somewhat resentful that he served as the primary
caregiver of the matriarch and the others were less involved. The other two
don’t get along very well.
The son that is the executor is not sure what to do, but would like to hang on
to the house for a while until the real estate market improves and eventually
try to sell it for more money than it is worth today.
The daughter thinks that the house should be fixed up with the insurance money
and then sold immediately.
The other son thinks that the house should be sold as is and to not put any
more money into it, splitting the insurance money between the three.
In summary, the facts are as follows.
Objectives
Objective 1—Achieve the highest sale price (twice as important as the other
objectives)
Objective 2—Keep reinvestment in repair and maintenance in house at a
minimum
Objective 3—Complete transaction in the shortest period of time
Alternatives
Alternative 1—Sell the house as is. The real estate agent feels that the house
would sell for $79,000 and could likely sell the house in approximately one
month. No money would be put into fixing up the house.
Alternative 2—Fix up the house, and then sell. The real estate agent feels that
the house would sell for $96,000 and could likely sell the house in
approximately three months. Approximately $15,000 would be put into fixing the
house.
Alternative 3—Wait until the market improves, then fix up and sell. The real
estate agent feels that the house would sell for $120,000 if the market
improved, but it would take at least one year. Approximately $15,000 would be
put into fixing the house and another $5,000 for ongoing maintenance and upkeep.
Based on the facts described, address the following.
1.
What is the general nature of the problem?
2.
What event triggered the situation?
3.
Are we imposing any constraints on the situation?
4.
What are the underlying elements of the problem?
5.
Are there dependencies on other decisions?
6.
What are the consequences and tradeoffs?
7.
What group decision-making dynamics are in play here?
8.
Based on a weighted scoring model, which would be the best
alternative (show your work)?
