MGMT 455: Managerial Decision Making Process
MGMT 455: Managerial Decision Making Process
Purpose: to help other instructors teaching the same course
Common Course ID: Managerial Decision Making Process, MGMT 455
CSU Instructor Open Textbook Adoption Portrait
Abstract: This open textbook is being utilized in a Management course for undergraduate students by Claudia Barrulas Yefremian at California State University Long Beach. The open resources selected for this course provide a comprehensive overview of the content assigned to the course. All the materials are free, including textbook chapters (from a selection of books), podcasts, videos, lecture slides, case studies, simulations, and academic and professional articles. The primary motivation to adopt open resources was to ensure that any student who wants to take the course can do it without worrying about the cost of textbooks and other course materials. Students primarily access these open materials through Canvas, ensuring easy availability and integration into their learning environment.
Course Title and Number
Brief Description of course highlights: This course incorporates quantitative and psychological decision-making aspects for management problems. Includes topics such as decision-making with multiple objectives, decision trees, risk management, game theory, utility theory, prospect theory, simulation, and responses to performance feedback. Link to Catalog: http://catalog.csulb.edu/preview_course_nopop.php?catoid=8&coid=73498
Student population: The course is open to Management and OSCM majors only. To be eligible to take the course, students must have the following prerequisites: MGMT 300, IS 301. Although junior-level students are eligible to take this course, most of the student population enrolling in the course are senior-level students.
Learning or student outcomes: Upon successful completion of this course, students will be able to:
- Collect and analyze necessary information, structure the problem by identifying alternative courses of action, characterizing uncertain events, incorporating the decision-maker's values and preferences, and addressing tradeoffs.
- Apply appropriate decision-making tools to analyze the problem and identify the optimal course of action.
- Conduct sensitivity analysis and examine how robust the selected course of action is to changes in input parameters used in the analysis.
- Present and communicate the results to a board audience.
Textbook or OER/Low cost Title:
Brief Description: The open materials for MGMT 455 comprise a comprehensive list of resources that include textbook chapters (from a selection of books), podcasts, videos, lecture slides, case studies, assignments, in-class learning activities, simulations, and academic and professional articles. The course content's primary resources are the textbook chapters, podcasts, videos, in-class handouts, lecture slides, and articles. Throughout the lecture, the instructor also provides additional examples of content application. The case studies, simulations, in-class learning activities, and various assignments are designed to actively engage students with the content and allow them to enhance their understanding of the content further and apply their learning using critical thinking and problem-solving as crucial tenets.
Please provide a link to the resource
Authors: I selected two textbooks from LibreTexts to support two course modules. Kuter (2019) is an optional resource for students who need to review the fundamentals of probability. This textbook is available on LibreTexts through the link: https://stats.libretexts.org/Courses/Saint_Mary's_College_Notre_Dame/MATH_345__-_Probability_(Kuter). Firkins Nordstrom’s (2024) Introduction to Game Theory, provides a comprehensive introduction to the fundamentals of game theory, including two-person zero-sum games and non-zero-sum games. This textbook is available on LibreTexts through the link: https://commons.libretexts.org/book/math-82754. To access other resources, please contact Claudia Barrulas Yefremian directly (email. cl.barrulasyefremian@csulb.edu).
Student access: All the course materials are available on the Canvas course page.
Supplemental resources: In-class learning activities, case studies, lecture slides, assignments, homework assignments, and extra credit assignments are available.
Provide the cost savings from that of a traditional textbook. $150
License: All the materials used in this course are openly licensed.
OER/Low Cost Adoption Process
Provide an explanation or what motivated you to use this textbook or OER/Low Cost option. The primary motivation to adopt open resources was to ensure that any student who wants to take the course can do it without worrying about the cost of textbooks and other course materials. I intentionally design all my classes to be accessible and inclusive to all learners. I applied the same fundamental principles upon selecting the resources and materials for this course. My ultimate aim is to make education more affordable and to enhance the learning experience for every single student by engaging them using various means (video, podcasts, books, simulations, case studies) to cater to their unique way of learning and through content that they can relate to their life experiences.
How did you find and select the open textbook for this course? I discovered OER through my university's AL$ (Affordable Learning Solutions) program. This was tremendously useful and allowed me to gather a significant amount of knowledge in a very short period of time. I reviewed several open sources, including Merlot (https://www.merlot.org/merlot/index.htm), Cool4Ed (https://www.cool4ed.org/), LibreTexts (https://libretexts.org/), and SkillsCommons (https://www.skillscommons.org/). These repositories offer a vast list of textbooks and other open-source materials for various topics and disciplines. However, I could not find an open textbook appropriate for this course. The course materials selected for this course include a comprehensive list of resources compiled by the instructor and zero cost to students.
Sharing Best Practices: My recommendation for faculty who want to start exploring AL$ is to contact your institution's library or any other department focusing on AL$ for guidance and support. There are many OER resources, and understanding where to look for relevant materials for your discipline and course learning objectives is essential. Also, connecting with other faculty who already use OER can be valuable in searching and integrating these materials into your course.
Describe any key challenges you experienced, how they were resolved and lessons learned. I could not find an open textbook for this course. Finding relevant material on Merlot and other open sources that covered the entire course curriculum was also difficult. However, I did find an open textbook for the game theory module, which I will use. For the remaining course content, I decided to use a combination of single-book chapters and academic and professional articles that students can freely access through the university library. In addition, other resources used in this course include podcasts, media articles, and videos (TED Talks, Khan Academy, YouTube), all at zero cost.
Instructor Name: Claudia Barrulas Yefremian, Lecturer, College of Business, California State University, Long Beach
I am a lecturer in the Management/HRM department of the College of Business at California State University, Long Beach. I teach Managerial Decision Making Process, Business Strategy & Policy, International Business, International Business Policy, and Foundations of Management.
Please provide a link to your university page. https://www.csulb.edu/college-of-business
Please describe the courses you teach.
IB 300 – International Business: This course introduces the exciting field of international business and the increasingly vital practice of global management.
MGMT 406 – International Business Policy: Upper-division management course that provides insight into the scope, complexity, and problems of formulating and implementing multinational strategies and policies.
MGMT 425 - Business Strategy & Policy: Capstone core course that introduces the principles of strategy formulation, implementation, and competitive analysis.
MGMT 455 - Managerial Decision Making Process: This course incorporates quantitative and psychological decision-making aspects for management problems.
MGMT 500 – Fundamentals of Management: This MBA course discusses current theories and principles of business management pertaining to problems of formulating policy, developing strategy, and operation management in business.
MGMT 543 – International Business Policy: This is an advanced MBA course in the formulation and implementation of strategies for the multinational corporation
Describe your teaching philosophy and any research interests related to your discipline or teaching. I believe that learning is one of the most meaningful experiences that help us build a fulfilling life. Within our academic context, an essential aspect of learning is being open to engaging, participating, and collaborating within and outside the classroom environment. Equally important is being aware, inviting, and embracing the differences each person brings into the course. These differences provide valuable perspectives that enrich the overall learning of the group. At a basic level, learning is an active interplay between giving, receiving, and sharing, from which we gain knowledge and competencies. Each of us learns at a unique rhythm, which is why I nurture learning environments that welcome and celebrate the diversity of all the members of our learning community and create a seat at the table for everyone. I design my courses with this in mind. Also, I encourage students to link the course content to their life experiences.