MGMT530
Week 1 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK 1: DEFINING THE PROBLEM
66
unread replies.1414 replies.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
WEEK 1: ENABLING CONDITIONS
55 unread replies.1414 replies.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.
MGMT530
Week 2 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK
2: DEFINING OBJECTIVES AND ALTERNATIVES
11 unread reply.1414 replies.
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
WEEK
2: INTUITION
44 unread replies.1515 replies.
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.
MGMT530
Week 3 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK 3: UNDERSTANDING CONSEQUENCES AND TRADEOFFS
No
unread replies.1010 replies.
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
WEEK 3: DECISION MAKING IN YOUR ORGANIZATION
No
unread replies.99 replies.
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?
MGMT530
Week 4 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK
4: DEFINING UNCERTAINTIES
11 unread reply.1313 replies.
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
WEEK
4: DECISION MAKING STYLES
11 unread reply.1111 replies.
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?
MGMT530
Week 5 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK 5: RISK TOLERANCE
22 unread replies.1313
replies.
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
WEEK 5: SHARING RISK WITH PARTNERS
22 unread replies.1212
replies.
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.
MGMT530
Week 6 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK 6: LINKED DECISIONS
22 unread replies.1212
replies.
Describe a decision
situation that involved linked decisions. What flexible plans did you use for
the subsequent decision?
dq 2
WEEK 6: COURSE PROJECT PRESENTATIONS
No unread replies.1010
replies.
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.
MGMT530
Week 7 Discussion 1 & 2 Latest 2018 May
dq 1
WEEK 7: PSYCHOLOGICAL TRAPS AND MANAGEMENT DECISION-MAKING
22 unread replies.1111
replies.
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?
In your second post, discuss a real-life example
of management decision making that you have experienced. If you were the
manager making the decision, would you do anything differently, and why? Online
research on the five steps in the management decision making process may be
helpful with this discussion.
dq 2
WEEK
7: ESTATE CASE ANALYSIS
44 unread replies.1313 replies.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.
- What is the general nature of
the problem? - What event triggered the
situation? - Are we imposing any constraints
on the situation? - What are the underlying
elements of the problem? - Are there dependencies on other
decisions? - What are the consequences and
tradeoffs? - What group decision-making
dynamics are in play here? - Based on a weighted scoring
model, which would be the best alternative (show your work)?
