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Decision Making

In this course, you will learn the concept of decision making from the rational and psychological points of view. We will discuss the limits to rationality; the interplay between emotional thinking and rational thinking when making decisions; the systematic errors provoked by our cognitive biases and by the use of heuristics; the role of emotions and intuition in decisions; the aleatory errors (noise); and possible remedies and leverage on all these aspects when making decisions.

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Syllabus

Decision making in organizations and its psychological aspects

In this first week of the course, you will learn the concept of decision making from the rational and psychological points of view. We will discuss the limits to rationality; the interplay between emotional thinking and rational thinking when making decisions; the systematic errors provoked by our cognitive biases and by the use of heuristics; the role of emotions and intuition in decisions; the aleatory errors (noise); and possible remedies and leverage on all these aspects when making decisions.

Decision making process and problem solving

Week 2 will focus on rational decision-making processes to improve decision abilities and organizational capabilities. We will explore the PrOACT and Problem Solving Cycle methods.

Decision analysis

In this week, we will explore decision analysis as a tool to support rational decision making, the role of uncertainty, risk, and probabilistic decision making, employing simple decision trees, sensitivity analysis and attitudes towards risk.

Decision making in groups

In the fourth week of the course the attention is on the dynamics of groups and its effect on decisions made in different types of groups. Biases and social behavior interplay and create new challenges. Virtual teams and different configurations of group decision making are also explored. Processes and practices to deal with these challenges are also presented this week.

New perspectives in decision making

Social, technological and economic changes bring new challenges and are transforming the role of management and the way decisions are made in organizations. This module brings three dimensions of these changes: complexity and chaos; hypothesis formulation and experiments; and the role of artificial intelligence in decision making.

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Know what's good

, what to watch for

, and possible dealbreakers

Explores decision making process and problem solving, which are essential skills for business professionals

Develops critical thinking and decision-making skills, which are crucial for professionals in any field

Taught by André Nardy, who is recognized for his work in decision making

Examines social, technological and economic changes that impact decision making in organizations

Provides a foundation for understanding decision making in organizations from the rational and psychological points of view

May be less relevant for individuals who are not interested in business or decision making

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Decision Making with these activities:

Review the concept of decision making

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Strengthen foundational knowledge to better prepare for the course

Browse courses on Decision Making

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Recall and summarize what you know about the rational and psychological points of view of decision making

Join a peer group for ongoing discussion and support

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Enhance understanding and retention through peer collaboration

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Identify or create a peer group with shared interests
Meet regularly to discuss course topics, share insights, and support each other's learning

Review 'Thinking, Fast and Slow'

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Reinforce course concepts through the insights of a leading expert in decision making

View Noise: A Flaw in Human Judgment on Amazon

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Read and understand key chapters and concepts
Summarize and reflect on the implications for decision-making practices

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Follow tutorials on decision analysis techniques

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Enhance understanding and practical application of decision analysis

Browse courses on Decision Analysis

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Search and identify reputable tutorials on decision analysis techniques
Follow the tutorials, taking notes and applying the techniques to sample problems
Seek clarification and ask questions in online forums or discussion groups

Practice identifying cognitive biases and heuristics

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Reinforce understanding of systematic errors in decision making

Browse courses on Cognitive Biases

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Read and understand examples of cognitive biases and heuristics
Identify these biases and heuristics in real-life situations or case studies

Create a comprehensive study guide

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Reinforce understanding by organizing and summarizing course materials

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Gather and organize notes, assignments, quizzes, and exams
Identify key concepts and summarize them in a concise and clear manner
Review and revise the study guide regularly to enhance retention

Develop a decision-making framework

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Apply course concepts to create a practical tool for decision making

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Research and analyze best practices in decision-making frameworks
Design a framework that meets the specific needs of your organization or industry
Test and refine the framework through simulations or case studies

Attend a workshop on negotiation and decision-making

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Gain practical skills and insights from experts in a collaborative setting

Browse courses on Negotiation Skills

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Research and identify relevant workshops
Participate actively in the workshop, taking notes and asking questions
Apply the lessons learned to your own decision-making situations

Contribute to open-source decision-making tools

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Apply course knowledge while contributing to the development of real-world tools

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Identify open-source projects related to decision making
Contribute to code development, documentation, or community support
Collaborate with other contributors and learn from their expertise

Career center

Learners who complete Decision Making will develop knowledge and skills that may be useful to these careers:

Consultant

Consultants provide expertise and advice to businesses and organizations to help them improve their performance. They help clients identify problems, develop solutions, and implement change. This course can provide consultants with a strong foundation in decision-making theory and practice. It can help them understand the cognitive and psychological factors that influence decision-making, and provide them with tools and techniques to improve their decision-making skills. Additionally, the course can help consultants develop their problem-solving and analytical skills, which are essential for success in the field.

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Data Scientist

Data scientists use data to solve problems and make predictions. They work with large datasets to identify patterns and trends, and develop models to predict future outcomes. This course can help data scientists develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help data scientists develop their analytical and problem-solving skills, which are essential for success in the field.

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Financial Analyst

Financial analysts use data to make recommendations on investments and financial decisions. They analyze financial statements, economic data, and market trends to make informed decisions about which stocks, bonds, and other investments to buy or sell. This course can help financial analysts develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help financial analysts develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Financial Analyst

Statistician

Statisticians collect, analyze, and interpret data. They work with businesses and organizations to make informed decisions about their products, services, and operations. This course can help statisticians develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help statisticians develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Statistician

Software Engineer

Software engineers design, develop, and maintain software systems. They work with businesses and organizations to create software solutions that meet their needs. This course can help software engineers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help software engineers develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Software Engineer

Product Manager

Product managers oversee the development and launch of new products. They work with engineers, designers, and marketers to bring new products to market. This course can help product managers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help product managers develop their interpersonal and communication skills, which are essential for success in the field.

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Risk Manager

Risk managers identify, assess, and manage risks. They work with businesses and organizations to develop strategies to mitigate risks and protect their assets. This course can help risk managers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help risk managers develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Risk Manager

Policy Analyst

Policy analysts study public policy issues and develop recommendations for policymakers. They research, analyze, and evaluate public policy proposals, and make recommendations on how to improve them. This course can help policy analysts develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help policy analysts develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Policy Analyst

Market Researcher

Market researchers study consumer behavior to identify trends and develop marketing strategies. They use data analysis and research methods to gather information about consumers' needs and wants. This course can help market researchers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help market researchers develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Market Researcher

Systems Analyst

Systems analysts study the operations of businesses and organizations to improve their efficiency and effectiveness. They analyze data, identify problems, and develop solutions. This course can help systems analysts develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help systems analysts develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Systems Analyst

Management Analyst

Management analysts study the operations of businesses and organizations to improve their efficiency and effectiveness. They analyze data, identify problems, and develop solutions. This course can help management analysts develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help management analysts develop their analytical and problem-solving skills, which are essential for success in the field.

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Human Resources Manager

Human resources managers oversee the hiring, training, and development of employees. They also manage employee benefits, compensation, and performance reviews. This course can help human resources managers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help human resources managers develop their interpersonal and communication skills, which are essential for success in the field.

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User Experience Researcher

User experience researchers study how users interact with products and services. They use this information to design products and services that are easy to use and enjoyable. This course can help user experience researchers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help user experience researchers develop their analytical and problem-solving skills, which are essential for success in the field.

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Project Manager

Project managers plan, organize, and execute projects. They work with teams of people to achieve project goals within budget and on time. This course can help project managers develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help project managers develop their leadership and communication skills, which are essential for success in the field.

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Operations Research Analyst

Operations research analysts use mathematical and statistical techniques to solve problems in a variety of industries. They work with businesses and organizations to improve their efficiency and effectiveness. This course can help operations research analysts develop their decision-making skills, and provide them with a strong foundation in the theory and practice of decision-making. Additionally, the course can help operations research analysts develop their analytical and problem-solving skills, which are essential for success in the field.

See salaries and explore the career path for Operations Research Analyst

Reading list

We've selected 14 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Decision Making.

Noise

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Provides a comprehensive overview of cognitive biases and heuristics, which are key topics covered in the course.

Decision Making

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Syllabus

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