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The Art and Science of Decision-Making

The Art and Science of Decision-Making. The assignment links: http://similarminds.com/jung.html http://www.humanmetrics.com/cgi-win/jtypes2.asp jason.mgmtclass2013@gmail.com Please email the 4 letter preferences to Jason at the address above. Definitions. Art:

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The Art and Science of Decision-Making

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  1. The Art and Science of Decision-Making The assignment links: http://similarminds.com/jung.html http://www.humanmetrics.com/cgi-win/jtypes2.asp jason.mgmtclass2013@gmail.com Please email the 4 letter preferences to Jason at the address above

  2. Definitions Art: • Skill acquired by experience or study • Systematic use of knowledge or skill in making or doing things • The use of skill and imagination in the production of things of beauty Science: • Study concerned with observation and classification of facts and (especially) with the establishment of verifiable general laws • Accumulated systematized knowledge especially re physical world Source: Webster’s.

  3. Science World of material objects Art World of human interaction Nature Sciences Social Sciences Source: Standards by Laurence Busch.

  4. Before Decision Post-Decision Deliberation Decision Advising Making Explaining Implementing

  5. From 2 Legends in Advertising “Advertising is fundamentally persuasion and persuasion happens to be not a science, but an art.” - Bill Bernbach “Advertising is based on fixed principles and is reasonably exact. We know what is most effective and we act on basic laws.” - Claude Hopkins

  6. Key Concepts • Personality types • Cognitive dissonance • Selective perception • Framing • Deliberations

  7. The Art and Science of Decision-Making – Spring 2013Rob Duboff/Jason Robins • Week 1 (1/28) • Introduction of individual students and their reasons for taking the course • Finalize syllabus as/if needed • Is decision-making primarily rational or emotional? • Organization of course: address specific issues each week • Assignment: Short essay on whether study of decision-making is an art or a science View Super Bowl Ads • Week 2 (2/4) – Perspectives on Decision-Making • Discuss the noteworthy ads • Implications about consumers? • Decisions to put on the ads • Contexts for thinking about decisions • Art vs. science • Rational vs. emotional • Prospective vs. retrospective • Individual vs. group decisions • Advising vs. making decisions • When to decide (vs. what or how) • Assignment: Take MBTI

  8. The Art and Science of Decision-Making – Spring 2013Rob Duboff/Jason Robins • Week 3 (2/11): Individual Differences • Discuss MBTI and implications on decision-making • How can understanding personal differences help in group decisions? In explaining decisions? • Risk profiles • Assignment: Read Blink by Gladwell (Chapters 1-4; Conclusion) • Week 4 (2/25): Self-Awareness • Discuss Blink and implications for decision-making • Does self-awareness help or hurt decision-making? • How does knowing yourself help in making decisions about buying a home • Assignment: Select essay topic and lab focus (e.g., influencing others vs. own decisions) Read Thinking, Fast and Slow by Kahneman (sections to be announced) • Week 5 (3/4): What Influences Decisions • Reprise: is decision-making art or science? • What does science (in terms of type 1 and type 2 delineation) tell us about making decisions? • Negotiations • Assignment: Essay applying MBTI and books to a past decision – due 3/11 Read article from course web site

  9. The Art and Science of Decision-Making – Spring 2013Rob Duboff/Jason Robins • Week 6 (3/11): Individual vs. Group Decisions • When are group decisions better/worse than individual decisions? • Are juries rational? • Are they fair? • Assignment: Read article from course web site • Week 7 (3/25): Personal vs. Business vs. Government Decisions •  Detail similarities and differences re process and substance • How is a start-up different? • How might we all do better? • Assignment: Background for classroom decision lab options (i.e., a case study) • Week 8 (4/1): Decision-Making in Action • Decision lab (1) • Teams discuss issues and then try to influence decision of a tribunal of other students • Week 9 (4/8): Decision-Making in Action • Decision lab (2) • Teams discuss issues and then try to influence decision of a tribunal of other students

  10. The Art and Science of Decision-Making – Spring 2013Rob Duboff/Jason Robins • Week 10 (4/15): Decision-Making Debrief and Decision-Making Process • What have we learned about decisions? • Best process(es) • Use of group (or not) • Role of information/ “facts” • Assignment: Select final paper topic ( 3-5 pages) • Read Competing on Analytics (from web site) • Week 11 (4/22): Supporting Decisions • Developing the information you/someone else needs • Market research • How make decisions with imperfect knowledge • “Big data” vs. “insights” • Assignment: Start final paper • Read Being Wrong by Schulz (Chapters 1-3 and 13-15)

  11. The Art and Science of Decision-Making – Spring 2013Rob Duboff/Jason Robins • Week 12 (4/29): The Decision-Making Process • Decision trees/Bayesian analysis overview • What have we learned about decisions? • Best process(es) • Use of group (or not) • Role of information/ “facts” • Assignment: Complete final paper on a decision to be made in the future • Week 13 (5/13): How Can We Make the Process and Substance of Decisions Better? • Summary of course • Is decision-making a puzzle or a mystery?

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