AssessmentTask4 – Decision Making Application

Word limit:3000 words excluding reference list and appendices

Weighting/Value:40%

Part1 –Essay– 20%value:

1500 words excluding references

“The capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world—or even for a reasonable approximation to such objective rationality” (Simon, 1957,p.198).

Discuss Simon’s quote in reference to a critical examination of four discrete concepts(covered in this course) that may explain bias in decisions. Check the lecture notes that I uploaded for you, it may help you to find four discrete concepts.

Part2 –Report –20%value:

1500words excluding references

Describe a specific decision making scenario (e.g., real-world application) applicable to each of the four concepts examined in Part1. You may use four different scenarios here (one for each concept), one general scenario (applied to each concept), or anything in between.

For each concept, explain

(1) how bias is recognised or identified in the scenario,

(2) methods by which bias maybe measured or evaluated in the scenario,

(3) strategies to address, a meliorate or overcome bias in the scenario, and

(4) how this process may improve decision outcomes in the scenario.

Part1 and Part 2 should be clearly separate although Part2 discussion may refer to the Part1.

Part1 provides a theoretical treatment (critical examination) of each concept and should follow essay format. Part2 provides an applied treatment encompassing relationship of theory and practice in a real-world situation.