Course Name: Business Decision Analysis
Course Intended Outcome:
Upon successful completion of this course, students will be able to
- identify the elements of a decision problem and make decisions based on structured problem analysis;
- analyze problems using various probability frameworks;
- differentiate between certainty and uncertainty environments; and
- apply modeling theories to the decision-making process.
Learning Activity 1: Making Good decision
Discuss what it means for make good decision. How do we know if the decision we made
was a good one? What factors or considerations are important in making a good decision? Should the outcome matter in whether a decision is good or bad? Why or why not? Think back to business decision you were involved in. Give examples of a good decision with a bad outcome, and/or examples of a bad decision with a good outcome. What made the decisions good or bad? What, if anything would you do differently next time, if anything?
Learning Activity 2: Making important Decisions
Think back to a time I your life when you were faced with a critical decision. Describe what your decisions was, and the approach you tool to making it. Did you use systematic approach? Was it a qualitative or quantitative approach? Was the outcome good or bad? In retrospect, would you consider it a good decision? Why? Would you approach the decision in a different way after learning about some of the tools and techniques in the course? Review the response from your peers, comment on whether you would have approached the decision in the same manner. Provide reasons.
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