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Dec 15, 2025
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MGT 5003 - Managerial Decisions & Challenges
This course examines the principles of judgment and choice in the face of uncertainty. Students are introduced to normative (i.e., how best to decide) and behavioral decision making (i.e., how do we decide). The latter approach recognizes that people use various tricks (i.e., heuristics) that simplify cognitive processing. While these serve well in some instances, they may also become traps that lead to poor results in others. Extensive study of bias helps students to recognize these tendencies and become better decision makers following a third approach known as prescriptive decision making (i.e., how should we decide).
Requisites: MGT 5001
Credit Hours: 3
Repeat/Retake Information: May not be retaken.
Lecture/Lab Hours: 3.0 lecture
Grades: Eligible Grades: A-F,WP,WF,WN,FN,AU,I
Learning Outcomes:
- Students will be able to explain the key differences between classical and behavioral decision making
- Students will be able to apply the systematic model for making important decisions
- Students will be able to describe the role of perception and framing on decision behavior
- Students will be able to explain the benefits and risks of heuristics in decision making
- Students will be able to identify the most common traps/biases and how they adversely affect decisions
- Students will be able to compare and contrast the ways individuals and groups make decisions
- Students will be able to define the causes of escalation behavior and how to counteract it
- Students will be able to explain the key differences between administrative, operational, and strategic decisions
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