Perhaps the most critical decision in creative work is deciding what to make. In this unit, we draw on 100 years of Hollywood practice and recent work in experimental finance and economics to analyse and synthesise information from stakeholders and how to incorporate financial and non-financial information in a range of creative business decisions.

Students explore processes of decision-making in organisations. Factors influencing and constraining decision-making are examined, including uncertainty, optionality and incompleteness. Students are introduced to the emerging literature on 'wisdom-of-crowds' and the importance of diversity in decision-making. A case study of the Hollywood 'greenlight' system is presented. Students map a decision-making process in an organisation and design a 'wise' decision-making process.

Learning outcomes

On completion of this unit, student will be able to:
1. Evaluate the factors that influence decision-making, map and analyse organisation decision-making processes, and evaluate the quality of decision making;
2. Examine and critique emerging literature on the 'wisdom-of-crowds' in order to develop a "Green-Light" decision model;
3. Synthesise and critically analyse financial information to support business decision making in a variety of contexts; and
4. Apply cost classifications, cost behaviour and cost benefit analysis to a range of business decision, including resource allocation and budgeting.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas

Prerequisites

None.

Corequisites

None.

Incompatible units

11009 Business Decision Making 11396 Business Decision Making G 5617 Accounting for Managers 6221 Accounting for Managers G 9501 Financial Management G 10264 Finance for Managers G

Equivalent units

None.

Assumed knowledge

None.