“Decision-Making Strategies: From Rational to Artificial Intelligence”
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ASSIGNMENT INSTRUCTIONS
Week 5: Interactive Discussion
5.1 Learning Outcomes:
Compare rational and nonrational decision-
making.
Explain how managers can make decisions that are both legal and ethical.
Describe how evidence-based management and business analytics contribute to decision- making.
Describe how artificial intelligence is used in
decision-making.
Compare four decision-making styles.
Identify barriers to rational decision-making and ways to overcome them.
⚫ Outline the basics of group decision-making.
5.2 Action Required:
“Chance favors only the prepared mind.” Louis Pasteur
A ‘decision’ tree is a graph of decisions and their possible consequences. It is used to create a plan to reach a goal. It is a technique that considers the value of the options available and the chances of them occurring.
5.3 Test your Knowledge (Question):
To what extent does the use of the decision tree business technique support Louis Pasteur’s statement? +
HOW TO WORK ON THIS ASSIGNMENT ( EXAMPLE ESSAY/ DRAFT)
Making decisions is a crucial management ability in the modern business world. Making decisions logically requires considering the advantages and disadvantages of numerous possibilities and choosing the best one. On the other hand, subjective opinions, feelings, and intuition are used in non-rational decision-making.
Managers must also make sure that their choices are morally and legally correct. They can accomplish this by abiding by moral and legal principles and, when necessary, by consulting experts for help.
By supplying managers with data-driven insights and assisting them in making wise decisions, evidence-based management and business analytics may support decision-making. Another technology that can be utilized in decision-making is artificial intelligence, which has the ability to evaluate enormous volumes of data and generate recommendations based on patterns and trends.
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