Leaders often act without a thorough understanding of the problem to be solved, leading them to solve the wrong problem.
Leaders often act without a thorough understanding of the problem to be solved, leading them to solve the wrong problem. Accurate judgment is required to identify and define the problem. Leaders often err by (a) defining the problem in terms of a proposed solution, (b) missing a bigger problem, or (c) diagnosing the problem in terms of its symptoms. Your goal should be to solve the problem, not just eliminate its temporary symptoms.
Define a problem you need to solve being careful to not make any of the errors described above. Remember all steps in the rational decision-making process will be completed through the remainder of the course as they related to the problem you define.
It is important to choose a clearly defined problem (think simple and straightforward) for this exercise (new car, new job, a new place to live, new house, degree program, etc.) to better understand and learn the process so that the rational decision-making model can later be applied to more complex problems. If your problem involves other people or elements beyond your control, it may be too complex for this exercise. Be sure to reach out to your instructor with questions.
Each step of the rational decision-making process can and should be connected to the research. Examples include, but are not limited to System 1 and System 2 thinking, overconfidence, common biases, bounded awareness, framing, self-serving reasoning, perceptions of fairness, etc. The connection you make should always be related to the current step in the rational decision-making process but may not align with the reading for the week.
Books for this course:
Bazerman, M., & Moore, D. (2012). Judgement in managerial decision making. John Wiley & Sons.
ISBN: 978-1-118-06570-9
Stefanovich, A. (2011). Look at more: A proven approach to innovation, growth, and change. Jossey-Bass.
ISBN: 978-0-470-94977-1
Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux.
ISBN: 978-0-374-27563-1
Duarte, N. (2019). Data story: Explain data and inspire action through story. IdeaPress.
ISBN: 978-1-940858982
Requirements: 2-3
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