Managerial Decision Making
2 credit hours
Over the last 30 years, psychologists and economists have joined forces to study how people process information and actually make decisions, rather than how they would make decisions if they were fully rational and selfish. Behavioral economics helps us understand why people don't always make "optimal" choices — and the consequences of deviating from those "optimal" choices. This course will explore the nature, causes and implications of these limitations. The first part of the course will focus on timing: When do individuals make decisions that deviate from rational economic predictions? The next part of the course will teach you how to manage your own behavior and to lead others. We will tie concrete organizational situations (as reflected in examples, cases and simulations) to the essential, scientifically supported principles of effective managerial decision making. The issues covered in this course are not silos; they blend and overlap. Finally, you'll participate in a simulation that brings together many of the principles, topics and skills covered earlier in the course. After every session, you should be able to apply what you've learned in your organization.