Problem:
Think about a recent business decision you have made that was either a success or a failure. Your supervisor asked you to email him/her a self-evaluation of this decision as part of your yearly evaluation. You are to be as objective and open minded as possible. Analyze your decision using Bazerman's six steps as a guide: define the problem, identify the criteria, weigh the criteria, generate alternatives, rate each alternative on each criterion, compute the optimal decision. Make sure your email addresses the following issues:
Problem 1: Were there any discrepancies between the calculated "optimal" decision and your actual (or favored) decision? If so, what might account for the discrepancies?
Problem 2: What problems, if any, did you encounter when completing the steps? (For example, were you able to compute an optimal decision? If not, why not?)
Problem 3: Are there any weaknesses in the "fully rational" model of decision-making? If so, what are they?
Source:
Bazerman, M. H. (2006). Judgment in Managerial Decision Making (6th ed.). New York: Wiley.
Problem: Think up an important business decision. Your supervisor had asked that you expand on your self-evaluation by identifying at least two judgment issues that you had to address. Write a memo to your supervisor describing these issues. Explain how you addressed them and the degree to which your decision was based on expedience and/or reflection. Potential issues include: bias, or ethical issues related to the availability heuristic, bias related to the representative heuristic, bias related to anchoring and adjustment, avoiding uncertainty, framing effects, positive illusions, egocentrism, and regret avoidance.
Note: Just address the "potential issues.