Description
Individual and group decision-making processes and principles for engineers and technical managers with emphasis on the limitations of human rationality and the roles of social influence and organizational contexts; principles and skills of negotiation.
Learning Objective
- Understand and recall key course content terms, concepts, procedures, and techniques.
- Recognize and apply those terms, concepts, etc. to practical situations.
- Analyze and evaluate claims and arguments that involve course terms, concepts, etc.
- Incorporate knowledge of course topics to develop, organize, or compose arguments, procedures, recommendations, etc. in professional work situations, as well as in personal life.
- Receive and respond to, appreciate, and act upon knowledge related to the course topics encountered not only during the course but also concurrently outside the course and after the course concludes, including after graduation.
Course Content
- Fundamental decision concepts (e.g., decision rules under certainty, risk, and uncertainty; Bayes’ rule; detection theory terminology)
- Overconfidence
- Judgmental heuristics and associated common biases
- Bounded awareness
- Framing and preference reversals
- Motivated decisions (role of emotions, etc.)
- Escalation of commitment
- Fairness and ethics
- Investment mistakes
- Rational negotiation basics
- Negotiator cognition
- Strategies for improving decision-making
Course Evaluation Criteria
- Exams
- Assignments
- Quizzes