MGT312 Decision Making And Problem Solving

MGT312 Decision Making And Problem Solving

Question

Answered

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Instructions – Please read them carefully

This assignment is an individual
Due date for Assignment 3 is by the end of Week 13 (04/12/2021).
The Assignment must be submitted only in word formatvia allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented. This also includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submitted assignments will not be entertained.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).

Submissions without this cover page will not be accepted.
Course Learning Outcomes-Covered

Define different perspectives and concepts of problem solving in diverse contexts and business situations. (C.L.O :2)
Demonstrate decision tools and employ appropriate analytical business models to break down complex issues. (C.L.O :4)
Demonstrate effective leadership skills and teamwork capacity for efficient decision making with the problem owners and other stakeholders as either a team member or a team leader. (C.L.O :5)

Assignment Questions: (Marks 05)
Read the attached article titled as “How to Make Better Decisions with Less Data” by Tanya Menon and Leigh Thompson, published in Harvard Business Review, and answer the following Questions:
1. Summarize the article and explain the main issues discussed in the article. (In 500-600 words) (Marks 2)
 
2. Discuss in relations to what you have learnt in the course about the four steps of intentional thought to help convert data into knowledge and wisdom?  Use additional reference to support your argument. (In 200-400 words) (Marks 1.5)
Critical Thinking Question
3. If you collect too much information for analyzing a decision, you can suffer from analysis paralysis, where you spend too much time thinking about a decision rather than making one. Recall a major financial decision you made recently, such as of a car or housing purchase or rental. Describe your process for making the decision. How could analysis paralysis have affected this process? (In 200-400 words) (Marks 1.5)