29 Dec Based on the facts
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)?
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