This observation review is comprised of three questions and requires you to:
Question 1 Summarise a rational decision an individual made and implemented in a workplace environment. If you have limited workplace experiences ask your lecturer for guidance. Write the summary from the perspective of an observation of the decision
In your summary, address the following points:
1. What decision was made
2. Who made the decision
3. Where was the decision made
4. How was the decision made
5. What factors influenced the decision
6. What were the outcome of the decision (Criteria One)
Question 2 With references to the relevant academic theories, models and/or frameworks discussed in this course, select and apply a rational decision making process model to explain the decision process in the summary in question 1, include in your answer a diagram to illustrate the decision making process (approximately 400 words). (Criteria Two)
Question 3 With references to relevant academic sources, use the theory of bounded rationality to identify and critically evaluate the potential issues that could have bounded the decision maker in the summary story from question 1, include in your discussion potential limitations and benefits of bounded rationality (Criteria Three)
Research - Students are encouraged to research widely for this assignment, information to be sourced from relevant academic publications, such as academic journal articles and other text books and should NOT include the prescribed text or PowerPoint lectures from this course.
Structure - other than the illustrative diagram, use properly constructed sentences and paragraphs with appropriate headings, do not use dot points, use correct in-text citations and a correctly set out reference list (refer to Student Manual for guidance on academic writing and APA6th referencing). Total word count not to exceed 1500 words.
Note: Information on academic writing can be found in the Student Manual.
In particular you might find the following helpful - researching, critical thinking paragraph structure ), sentence structure and length , writing objectively, editing your work , referencing . (Criteria Four)
Assignment One: Assessment Criteria
1. Clear and concise summary of the decision making process and its outcome
2. Application of rational decision making model and illustrative summary diagram of decision process
3. Application of the theory of bounded rationality to critically analyse the decision and its issues
4. Clear language, overall structure and correct referencing
Assignment One: Learning Outcomes
Learning Outcomes for this assignment 1. Recognise and articulate various decision making perspectives and techniques.
2. Use relevant literature to construct and support a written argument.
3. Apply critical judgment, analytical and logical reasoning, strategic thinking and creative problem solving skills to decision making.
4. Reflect upon one's own managerial decision making and that of others.