Programme PGP Term VI Academic Year 2021-22

Course title The Art and Craft of Decision Making Area Production & Quantitative Methods Credits 1.00

Prof. N Ravichandran (VF)

Course Description & Objectives

Course content:
Management profession is characterized by bias for action. Decisions precede action framework. Every complex managerial decision requires a judicious consideration of the context, the data, consequences, risks and diverse perspectives of stakeholders. The purpose of this course is to discuss and understand decision making in multiple perspectives from the realms of operations research, artificial intelligence, human capabilities and behaviour.
The course is designed in modules related to structuring a problem, managing uncertainties in the context of decision-making environment, tactical decisions, factoring multiple stake holders’ perspective, exposure to the complexity of decisions in public domain and behavioural aspects of decision making.

  • To structure a problem, generate alternatives and recommend a choice.
  • To appreciate the sources of risk (in a decision-making context) and approaches to mitigate the same.
  • To appreciate the decision choices and the consequences from multiple stake- holders’ point of view in tactical and strategic decisions.
  • To examine and understand individual’s perceptions and beliefs related to decision making

Predominantly case based, with occasional lectures/presentations.