“The capacity of the human mind for formulating and solving

BUMGT5980 – Managerial Decision MakingAssessment Task 4 – Decision Making ApplicationDue date: Week 12 (or on the date advised by the course teacher)Word limit: 3000 words excluding reference list and appendicesWeighting/Value: 40%Part 1 – 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).In reference to Simon’s quote, provide a critical examination of three discrete concepts
(covered in this course) that may explain bias in decisions.Part 2 – Case study – 20% value:1500 words excluding references
Describe a specific decision making scenario (e.g., real-world application) applicable to each
of the three concepts examined in Part 1. You may use three 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 may be measured or evaluated in the scenario, (3) strategies to address, ameliorate
or overcome bias in the scenario, and (4) how this process may improve decision outcomes in
the scenario.
Part 1 and 2 should be clearly separate although Part 2 discussion may refer to the Part 1.
Part 1 provides a theoretical treatment (critical examination) of each concept and should
follow essay format. Part 2 provides an applied treatment encompassing relationship of
theory and practice in a real-world situation.
The structure Part 2 is open – but this is to be in written form (e.g., report or case study
format).
Students should consult the general guides for marking essays – links plus the ‘General Guide
to Writing and Study Skills’ available on the course websiteA marking guide for assessment 4 is provided at a separate link.Notes:1. This is a two-part assignment. It should be clear that Part 2 has been informed by and
links to Part 1.
2. You may choose any concepts that you think suitable. These may be drowning from
different topic presented in the course (e.g., bounded awareness, framing and
emotions) or from within one topic (e.g., heuristics).
3. The assignment should be submitted in one document. A reference list covering both
parts should be included at the end of this document.
4. Submit the assignment as a word document. Use left justified (not centred!), 12 point
font and 1.5 spacing. The reference style is APA. Marks may be deducted where this
criteria is not met.
5. Headings, figures, tables and diagrams where appropriate are encouraged.

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