BUS 348 - Managerial Decision Making

Credits: 4

In a traditional business education, decision making is frequently only taught from the perspective of optimization/profit maximization/cost minimization. As our students become leaders and managers, they will face decisions for which an optimization analysis will be one of many inputs, relying on a combination of data and intuition to arrive at a decision. This course is intended to train students how to think through uncertainty in a systematic way, as well as how intuition will be variously helpful across situations. In this course students will learn how probability and microeconomic models of choice and preference outline the determination of what the “best” or “most rational” decision is in different contexts (normative decision making). Students will learn the psychology involved in pushing humans away from optimal decision making (descriptive decision making). Students will discuss and develop strategies aimed at making more optimal decisions (prescriptive decision making).

Prerequisite: BUS 304 or BUS 494
BU