Everything You Wanted to Know about Decision-Making: The Best Parts

Reid Hastie
Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science

February 20–21, 2017



Course Details
This session will focus on both the individual decision-maker, as well as team decision-making. It will begin with an overview of the rational approach to individual decision processes, in turn drawing insights from behavioral science that describe how we actually make decisions, and where we often depart from rational principles. It will also examine some prescriptions and procedures that make us more rational, smarter decision-makers. It will also cover the benefits, strategies, and pitfalls of team decision-making. All sessions will use participatory exercises to make conceptual points and to provide practice in improved practices.

Hastie says, “Everyone knows that Managerial Decision Making is a long-term foundational course in the core curriculum. The original course introduces fundamental tools for managing uncertainty and making sure our actions are aligned with our ultimate goals on a project, and in our lives.  Many students comment that the original course is the one that connects the rational optimizing models from economics, statistics, and accounting with their actual experiences as professional decision-makers. 

This Back-To-Booth two-part presentation reviews some of the original decision tools, but then shifts to focus team decision-making and methods to leverage collective intelligence effectively.  The exercises and conclusions concerning team decision-making will both reflect participants' experiences since Booth, working on and leading teams, and will help them move up to a new level of competence in their increasingly collaborative professional lives."

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Contact Katie Corr:, 312-464-8729.